ADCB offers new $100 million fund

Abu Dhabi, August 3, 2009

Abu Dhabi Commercial Bank (ADCB), the third-largest lender in the emirate by market value, has launched a new investment fund aimed at raising around $100 million in its first year, the fund's manager said on Monday.

The special investment fund - ADCB Funds FCP which is based in Luxembourg - hopes to lure global institutional and private investors to the United Arab Emirates market, said Mark Friedenthal, head of fund management at ADCB.

He said the fund would require a minimum investment of 125,000 euros and targets high-net-worth clients.

The umbrella fund ADCB Funds will initially provide the gateway for three sub-funds of ADCB - the Al Nokhitha Fund, ADCB MSCI UAE Index Fund and the ADCB MSCI Arabian Markets Index Fund.-Reuters

Tags: investment | Abu Dhabi Commercial Bank | finance |