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HSBC Saudi Arabia launches two funds
JEDDAH — HSBC Saudi Arabia Limited has launched HSBC Saudi Equity Index Fund and the HSBC Petrochemical Equity Opportunities Fund.
"This is an exciting move for us and for local and international investors in Saudi equity funds," commented Osama M Shaker, head of investments.
"The HSBC brand is a familiar and trusted one in Saudi Arabia and around the world but these are the first funds to be issued here under the banner of HSBC," he said, and added, "This is an extremely exciting development for us and adds significantly to our existing offering of Saudi funds which have seen strong growth and increasing interest in recent years."
The new funds, which capitalise on the company's local capabilities and expertise, position HSBC Saudi Arabia Limited as the top provider of local equity funds in terms of diversity and number. And their launch brings the total number of mutual funds offered by HSBC Saudi Arabia to 30, according to information made available by AMEInfo.
"Both of the new investment funds are open-ended and both aim to achieve capital growth over the medium to long term," it said.
It explained that the HSBC Saudi Equity Index Fund will invest in a portfolio of equities of selected companies listed on the Tadawul (Saudi stock exchange) and corresponding to the constituents of the HSBC Saudi Equity Index. The HSBC Saudi Equity Index is comprises about 37 stocks that are representative of the market capitalisation of the broad range of economic sectors in Saudi. The companies included reflect the breadth and depth of the Saudi stock market, from banks to bookstores, and from petrochemicals to publishing.
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