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J O Hambro unveils global Shariah fund

Shariah_financesJ O Hambro Capital Management (JOHCM) has launched a Shariah-compliant global equity fund. Global Select Shariah fund.

The Global Select Shariah fund will invest in global Shariah-compliant securities across the global equity universe and aims to provide investors with long-term total returns.

It will exclude those companies that are uncompliant with Shariah investing, which include financial services, gambling and defence.

The fund comes out of JOHCM’s institutional Global Shariah mandate, which has been managed since December 2013. The asset manager has now decided to offer the same opportunity to external investors.

JOHCMl has assigned the strategy a data screening provider and a Shariah adviser to ensure the fund is fully Shariah-compliant. The benchmark will be the MSCI ACWI Islamic Index.

Senior fund manager Nudgem Richyal will manage the fund and will follow the same investment process that he uses for the €8.3 billion International Select and €1.8 billion Global Select strategies that he co-manages.

Richyal joined JOHCM in June 2008 as an investment manager. He previously worked for Baring Asset Management and Hill Samuel.

 TJ Voskamp, head of distribution (UK, Europe & Asia), commented: “We have seen significant interest from clients for a strategy like this and we’re excited about its potential.”

In May, JOHCM appointed Frederic Lejeune as its managing director and country head for Frabelux (France, Belgium and Luxembourg).

The appointment is part of the asset manager’s push into the region as it sets up a new office in Paris and creates a new corporate entity in France.

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