Daman investments launches AED 200 million daman speculator fund.
DAMAN SPECULATOR FUND FOCUSSED ON HIGH YIELD UAE AND GCC OPPORTUNITIES
Daman Investments PSC, the leading UAE-based fund managers, today announced the launch of The Daman Speculator Fund, a trendsetting AED 200 million fund, which focuses on the dynamic and vibrant nature of the UAE and GCC equity markets.
The offer period for the new fund will begin on July 1 and ends on July 31, 2008. The Daman Speculator Fund is a UAE-registered investment vehicle regulated by the United Arab Emirates Central Bank, with an initial unit offer price of AED 100/per share. The targeted fund size is a maximum of AED 200 million of which Daman Investments seed capital in the fund is AED 5 million.
While announcing the details of the innovative fund during a press conference held in Dubai today, Mr. Shehab Gargash, Managing Director, Daman Investments, said: "The launch of the Daman Speculator Fund is in line with Daman Investments core belief in the inherent strength of the UAE and GCC equity markets. Investors continue to look for rapid capital appreciation at a time when the global economy is on a downward spiral." Mr. Gargash continued: "Our commitment to the strength of the fast evolving UAE and GCC equity markets is as strong as ever and we see this as the right time to embark on a new fund."
The Daman Speculator FundThe new fund's minimum subscription amount is set at AED 200,000 and thereafter in multiples of AED 50,000. The liquid nature of the Daman Speculator Fund will give investors options of weekly subscriptions and monthly redemptions. The fund will be open to all nationalities as well as non-UAE residents. Commenting on the entry threshold, Mr. Gargash said: "We wanted to bring in a varied and broad spectrum of investors who are bold enough to embrace innovative decision making. The new fund focuses on highly liquid securities and its philosophy is to achieve gains by investing in high beta securities through risk adjusted rapid capital appreciation."
Daman has charted out periodic reviews of the market moods and will implement strategies to meet the evolving dynamics of the investment universe.
The Daman Speculator Fund also offers investors an avenue for momentum and trend driven investment. It is expected that strong opportunities for high yield, arbitrage, and fundamental value unlocking, will make the fund a high profile new offering in the UAE and GCC.
[c] 2008 Al Bawaba (www.albawaba.com)
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|Date:||Jun 30, 2008|
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