Saudi fund manager Sedco Capital has partnered with French firm Amundi to launch two global passive equity funds.
Both funds are sharia-compliant and aim to focus on equites less correlated to broader market dynamics in order to produce stable returns, according to the two firms.
The US$68 million SC Global Listed Infrastructure Equity fund will replicate the FTSE Custom Global Core Infrastructure 50/50 Islamic Net Return index and will focus on government-led infrastructure projects.
The $91 million SC Global Low Volatility Equity fund will follow the Dow Jones Islamic Market World Low Volatility 300 net Total Return index.
The fund launch comes just days after Sedco Capital partnered with Swiss private bank Lombard Odier to launch a sharia-complaint fund focused on sustainability.
Nor is it the only partnership that Amundi has struck in the Middle East this year. In April it signed an MoU with Saudi-based non-profit FII Institute to further its ESG research.
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