Al-Bawaba – The Global Islamic Funds of Funds has demonstrated excellent performance in terms of returns and stability and has consistently outperformed other funds in the same category.

Global Investment House “Global” announced today that its Global Islamic Fund of Funds was ranked number one in July 2008 by Zawya. The Fund recorded a +5.72% YTD return and was posted on the homepage of the Zawya platform, where only leading funds make it there.

Global launched the fund in July 2007 in order to actively evaluate and invest in the growing number of Shari’a compliant products. With a dynamically evolving Hedge Funds team and an established track record of erudite investments across 80 different hedge fund managers, this fund has greatly benefited from the experience of the Hedge Fund team.

Mr. Omar El-Quqa, Executive Vice President at Global said, ”It is worth mentioning that, in the first 12 months since inception the fund has recorded a creditable performance of 11.00%, of which nearly 6% has been achieved in the first half of 2008”. Mr. El-Quqa further added, ”It must also be noted that on a panoramic landscape, clouded by credit crisis in the global markets, where the shallow waters of uncertainty threatened to return, this fund has done tremendously well. One of the key element to this performance is that the fund adopts aggressive strategies accompanied by low volatility of only 4.5% as compared to the other Islamic funds that portray high volatility”.

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New York (HedgeCo.Net) – Alan Schwartz may be having second thoughts about his new position at JPMorgan Chase, reports the New York Post. According to the paper, the former Bear Stearns CEO is contemplating JPMorgan’s offer for a non-executive vice chairman position.

It is still unclear as to why. Some believe Schwartz feels uneasy about the fact that over half of Bear’s employees are without a job, while some say that JPMorgan may not be aggressive enough in their pursuit, having Jimmy Lee already on the payroll.

According to a filing with the SEC, JPMorgan asserted that Schwartz, along with other fellow senior officials may eventually come on board with them. This included Bear CFO Sam Molinaro and Controller Jeffrey Farber.

Alan Schwartz was CEO of Bear Stearns for only three months before the fire sale to JPMorgan backed by the Federal Reserve. Prior to its demise, Schwartz ensured weary investors that Bear’s “liquidity cushion” could handle the losses that were rocking them.

Schwartz will supposedly reveal his decision once he sees how the bank performs post buyout. The Bear-JPMorgan deal was finalized on Friday.

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

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