Hedge Fund Reader : First Gulf Bank Launches Hedge Fund

January 23, 2006

First Gulf Bank Launches Hedge Fund

Abu Dhabi-based First Gulf Bank has reportedly launched its first open-ended, macro-strategy hedge fund today - Al Saqer (The Falcon). The aim is to offer investors absolute return generation that too with low volatility and a low correlation to traditional asset classes, such as equities and bonds. The Hedge fund is not restricted to any one asset class, as the investment will include a variety of assets and use many different strategies. The focus will be consistent, absolute return, regardless of the direction of the local stock market. Ameinfo reports:

'We believe this Fund to be unique,' said Andre Sayegh, 'whereby we will reserve the right to invest in the booming property markets of Abu Dhabi and Dubai, and elsewhere for that matter.' 'We will invest according to available opportunities in all kinds of geographic locations, focusing primarily on the Gulf Co-operation Council states of the United Arab Emirates, Kuwait, Qatar, Bahrain, Oman and Saudi Arabia. Furthermore, because Al Saqer is a macro fund, we will apply whichever strategy we see fit as and when opportunities present themselves.'

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January 23, 2006 in Emerging Markets | Permalink