The minimum subscription for the fund is $5,000, allowing it to be taken up by individual and institutional investors wishing to invest in US and European equities and markets. NBAD expects the retail/corporate split to be 25:75.

The Global Growth fund follows the success of NBAD’s UAE Growth fund, which was launched on 30 October 2000. The fund, which has a mandate to invest up to 25 per cent of its resources in GCC equities, had risen by 26.4 per cent by 30 January this year.

Both vehicles form part of a family of mutual funds that NBAD plans to launch. Others include a high-income fund designed to produce returns in excess of normal money market rates by exploiting opportunities in the various traded markets, and a guaranteed investment fund designed to produce capital appreciation over a period of time from arbitrage situations.