Old Mutual launches Islamic hedge fund

Old Mutual Asset Managers (OMAM) has launched a Shariah-compliant hedge fund. The Old Mutual Al Saqr fund is an equity market neutral hedge fund managed in accordance with Shariah principles, including the use of Murabaha and Salam contracts. OMAM will use quantitative investment techniques to help manage the portfolio. The fund will be managed by the same investment team that manages OMAM's global equity market neutral and global long/short equity strategies. Eoin Murray, chief investment officer at OMAM, said it was part of the expansion of its hedge fund range. He said: "We believe t...