QInvest, along with Pioneer Investments, has launched a Shariah-compliant European equities fund that will invest in pan-European blue-chip, mid and large-cap stocks.
Pioneer Investments, a leading global asset management firm with over $246bn in assets under management as on December 31, 2014, will manage the fund and act as sub adviser.
The fund’s investment strategy will be similar to the Pioneer European Concentrated Equity Strategy, which currently has in the region of $1.3bn under management (as on December 31, 2014) and has been managed by Andrew Arbuthnot since 2001.
“We believe that the current macroeconomic environment in Europe, characterised by a weak euro, low oil prices and the likely onset of quantitative easing by the European Central Bank, will be positive for European businesses and create some compelling investment opportunities over the mid-term,” Dr Ataf Ahmed, head of asset management at QInvest, said.
Around the world, there is a growing demand for Shariah-compliant European-focused products, according to Neal Jenkins, head of the Middle East, Central Asia and Africa region at Pioneer Investments.
“This is being driven by not just Islamic investors looking to increase their exposure to European stocks, but also by conventional investors looking to diversify their portfolios, many of whom are being drawn to the more ethical investing principles of Islamic finance,” he said.
QInvest has focused on expanding the capabilities of QInvest Asset Management and in particular QMAP, the QInvest Managed Account Platform, QInvest CEO Tamim Hamad al-Kawari said. The addition of this fund further expands the product offering available on the platform to potential equity investors, and offers clients a portfolio with a dedicated pan-European exposure, he added.
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