Majid launches new regional equity fund

Majid Al Futtaim Asset Management has launched its first MENA equity fund with US$150 million(Dh550) of its own capital. The fund will invest in listed securities in the region’s defensive sectors including telecommunications and pharmaceuticals.

“Launching an asset management business during such economic uncertainty is a challenge but investors still need to find a home for money in both good and bad times; we’ve found that in such market conditions, the market is hungry for fund managers who can manage risk,” said Iyad Malas, the chief executive of MAF Asset Management, a unit of the Majid Al Futtaim retail group.