Emirates NBD Asset Management is closing its Islamic Alternatives Strategies Fund following the withdrawal of a major investor, Mena FM can exclusively reveal.
In a letter to investors, which was seen by Mena FM, Emirates NBD Bank told clients: “Although the board has stated that it regrets the decision, directors feel that ‐ post withdrawal of the major investor ‐ the fund size will be insufficient to allow it to be run in an efficient manner consistent with the best interests of remaining investors.”
The underlying investments in the fund are being liquidated for the pricing point at the end of July 2012 and proceeds will be remitted to investors in the penultimate week of August, according to the letter.
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