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Cecilia Valente reported on 9 March on Reuters that Amiri Capital, the Islamic asset manager backed by investment firm Olivant, has teamed up with broker Newedge to launch an Islamic fund of long/short hedge funds to be marketed in the Middle East. The Amiri Equity Alternative Strategies Fund (AEAS) will operate under the same Sharia-compliant structure agreed with original prime broker Lehman Brothers to replicate short selling, which involves profiting as a stock price falls.
Amiri co-founder Richard Ellis told Reuters that Gulf-based investors have pledged assets to the fund of funds but investments will be made when the market shows signs of improvement. Philippe Teilhard de Chardin, global head of prime brokerage at Newedge, told Reuters that the market segment is small but developing.