Saudi-based asset manager, Sedco Capital, has partnered with Swiss private bank, Lombard Odier, on the launch of a shariah-compliant fund focused on sustainability.
The SC LO Global ESG fund is an active Ucits strategy that will invest in developed market equities.
According to the two firms, the fund will aim to outperform the Dow Jones Islamic Market World Developed Total Return Index, excluding stocks with poor sustainability records and prioritising those with high ESG scores.
Sedco Capital will manage the fund while Lombard Odier will act as an investment adviser.
“We expect the new fund to successfully appeal to the rapidly growing number of Shariah-compliant and conscientious investors in the Middle East, South Asia, Europe and elsewhere,” added Arnaud Leclercq, partner holding privé and head of new markets at Lombard Odier.
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