Az­imut, May­bank to man­age sukuk fund

The Sun (Malaysia) - - SUNBIZ -

KUALA LUMPUR: Ital­ian money man­ager Az­imut Hold­ing SpA will jointly man­age its Is­lamic bonds fund with May­bank As­set Man­age­ment Group to cater to grow­ing de­mand for hard cur­rency sukuk prod­ucts, the two firms said yes­ter­day.

The part­ner­ship will al­low the fund to pen­e­trate new mar­kets in­clud­ing Malaysia and Sin­ga­pore, where May­bank As­set Man­age­ment al­ready op­er­ates, the firms said in a joint state­ment.

Az­imut, through its wholly owned Turk­ish as­set man­age­ment arm, launched its global sukuk fund in 2013 which has over US$130 mil­lion (RM563 mil­lion) in as­sets.

May­bank As­set Man­age­ment launched a US dol­lar-de­nom­i­nated sukuk fund of its own in 2014.

Sukuk funds re­main tiny com­pared with their con­ven­tional fixed-in­come coun­ter­parts, but the sukuk mar­ket has widened in re­cent years thanks to an in­creas­ing num­ber of is­suers and in­vestors. – Reuters

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