Sedco to manage Middle East fund for Milltrust

Signing dealJeddah-based asset manager Sedco Capital has won a mandate to manage a Middle East equity fund for emerging markets investment firm Milltrust International. SEDCO Capital, which has $5.1 billion under management, will invest in sharia-compliant equities in the Middle East and North Africa with a particular focus on its home market of Saudi Arabia. Yazan Abdeen, head of MENA capital markets at Sedco Capital, will be the lead manager of the Milltrust Sedco MENA Fund, which is a Ucits fund offering daily liquidity. Hasan Al-Jabri, chief executive of Sedco Capital, linked the fund launch to Saudi Arabia's 2030 plan to tilt its economy away from a dependence on oil by increasing foreign direct investment. "The launch of the fund comes at an exciting time as the kingdom is opening its doors to welcome investors from all around the world to diversify the Saudi economy and broaden [the] investor base," he said, in a statement. Milltrust International has two head offices in London and Singapore and offers funds focused on India, China, Latin America and the ASEAN region. ©2016 funds global mena

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