JO Hambro Capital Management has launched a Global Select Shariah fund, bringing its institutional Global Shariah mandate to a wider market.
The Irish domiciled OEIC will be managed by Nudgem Richyal (pictured), who also co-manages the firm's Global Select and International Select strategies and will use the same investment process as those funds.
The fund will use the MSCI ACWI Islamic Index (net dividends reinvested) as a comparator benchmark.
To ensure Shariah compliance, the firm uses a data screening provider that provides a list of Shariah compliant stocks for the fund, excluding companies such as financial services, gambling or defence.
It also uses a Shariah adviser to the fund who monitors and reviews the fund structure and investments, ensuring Shariah compliance and advising on Shariah related issues.
The annual management fee for the fund is 0.75%, with an estimated ongoing charges figure of 2.35%, which includes the AMC, as well as other fund expenses such as administration fees, custody fees and trustee fees. There is no performance fee on the fund.
Richyal said: "I am proud and excited to launch the JOHCM Global Select Shariah Fund. This has been a successful institutional mandate that we have run for over eight years and given growing client demand we felt the time was right to bring it to a wider audience.
"By applying the successful and long-established process within our Global and International Select Funds into a Shariah complaint vehicle we feel we can generate compelling returns for a large number of traditionally underserved clients."
TJ Voskamp, head of distribution for UK, Europe and Asia at the firm, added: "We are delighted to bring this product to market by adding to our very successful franchise in International and Global Select. We have seen significant interest from clients for a strategy like this and we're excited about its potential."
