Duet launches Ucits version of MENA equity fund

DubaiThe Dubai branch of emerging markets asset manager Duet Group has launched a Ucits version of its three-year-old Mena Horizon fund, which invests in equities in the Middle East and North Africa. The new fund will appear on a Luxembourg-domiciled Ucits umbrella set up in 2009 and operated by wealth management firm Palaedino. The Ucits fund will mirror the investment strategy of the Mena Horizon fund, which is also domiciled in Luxembourg and structured as a specialised investment fund (SIF), aimed at institutions and professional investors. "MENA markets now represent less than 2% of most emerging market indices," says Ali Al Nasser, fund manager at Duet and co-head of the fund's investment team. "We expect that to grow substantially in the coming few years, with improved accessibility, an increase in primary market activity and continued improvement in the corporate governance framework being key drivers." Launched in May 2011, the Mena Horizon fund has delivered an average return of 20% a year. The Ucits version will be the seventh sub-fund on the Palaedino platform. Established in 2002, Duet Group manages $5.5 billion of assets, of which 70% come from institutional investors. ©2015 funds global mena

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