UAE: Emirates NBD Asset Management (ENBD AM) is reportedly shutting down its Islamic Alternative Strategies Fund following the departure of a major investor.
The firm said that with the withdrawal of the investor, the fund size will be insufficient to allow it to be operated in an efficient manner. Remaining assets in the fund will be automatically reinvested into the Emirates Global Sukuk Fund, it said.
Following this, the Islamic Alternative Strategies Fund will be liquidated for the pricing point during the final week of July 2012; the proceeds of which will be returned to investors in the third week of August.
The fund has lost 6.26% in the year-to-date.