AUSTRALIA: Crescent Wealth Management has launched its Crescent Australian Equity fund. The fund has US$5.5 million in seed capital from risk manager Aon Hewitt and will focus mainly on resources.
The fund is the first in the line of Crescent Wealth Management’s plans to launch several funds including a Shariah compliant property fund and international equities product by the end of this year as well as a fixed income fund scheduled for launch in the first quarter of 2012.
The firm is also planning to launch a Shariah compliant superannuation fund in the future as it estimates that Islamic investments in Australia will reach US$13 billion by 2019.