Islamic Crescent Funds Management granted AFSL
Shariah-compliant funds manager, Crescent Funds Management, has been granted an Australian Financial Services Licence (AFSL).
Crescent, a subsidiary of Crescent Investments Australasia, plans to launch a Shariah-compliant Australian equities fund in the first quarter of 2011.
Crescent has appointed Ernst & Young as tax adviser and auditor and JP Morgan as custodian, according to Crescent Funds Management’s chief executive Chaaban Omran. The fund will be targeting domestic and offshore retail and institutional investors.
Crescent Investments Australasia executive chairman Talal Yassine credited a team effort from lawyers, compliance officers and management staff for the AFSL qualification.
“We have received interest from industry super funds that are exploring Shariah funds as an alternative asset class for their members, and now with this licence we are able to take these discussions to the next step,” Yassine said.
Australia’s resource-rich and small-cap profile correlated well with Shariah-compliant investing, he added.
“There is potential for approximately A$6 billion for funds to transfer from conventional equity funds to Shariah funds from the Australian Muslim community alone, and Crescent is uniquely positioned to manage these fund inflows,” Yassine said.
Recommended for you
Australian fund managers are actively seeking to launch Cayman versions of their funds to attract offshore flows, with Regal Partners set to launch its latest offering this month.
As private markets gain traction in Australia but only a limited pool of talent is available, three recruiters explore whether fund managers should consider looking overseas to find top talent.
With an explosion of private credit managers appearing in the market, two alternatives experts believe a consolidation is needed to maintain the quality of the sector.
Bentham Asset Management has become the latest fund manager to expand its distribution team as it reports increased interest in its credit strategies.
