SEI launches the first dedicated Islamic Manager of Managers equity funds

SEI, the outsourced asset management provider, has launched the first dedicated Islamic Manager of Managers equity funds. The SEI Islamic Investments Fund Plc (SIIF) is a new umbrella UCITS III fund designed to offer shariah-compliant investments. The move represents the first phase of SEI's expansion plans for the Middle East and Islamic Finance market, where it has already attracted significant interest in SIIF among high net worth investors in partnership with a major global private bank, gathering $160 million in assets in the first month since launch. Brandon Sharrett, managing director of SEI's Global Private Banking business in the EMEA region said the launch of these funds represented SEI's first step towards targeting the rapidly growing Islamic finance market. The SIIF umbrella fund will have four initial underlying manager of managers sub-funds. These are the SEI Islamic US Equity Fund, the SEI Islamic European Equity Fund, the SEI Islamic Emerging Markets Equity Fund and the SEI Islamic Pacific Basin Equity Fund. Shariah compliance is specifically included in the investment objective of each SIIF sub-fund, with customised Shariah guidelines for each underlying fund manager. The advisor for shariah compliance is HSBC Amanah, the Islamic Finance Division of HSBC Securities (USA). SEI is a global provider of outsourced asset management, investment processing and investment operations. As of 31 March 2007, SEI administers $382.4 billion in mutual fund and pooled assets and manages $190.0 billion in assets through its subsidiaries and partnerships in which the company has a significant interest.