Abu Dhabi-headquartered First Gulf Bank, which last week reported record net profits for 2005 of AED 1.06 billion, today launched its first open-ended, macro-strategy hedge fund – Al Saqer (TheFalcon) – to offer investors absolute return generation with low volatility and a low correlation to traditional asset classes, such as equities and bonds.
‘This launch is in line with First Gulf Bank’s strategy of offering clients sophisticated products. Al Saqer will adopt a macro-strategy not being limited to any one asset class, market, tradingstyle or instrument; instead will enjoy extraordinary flexibility regarding investment policy and investment strategies.’ (Andre Sayegh, Chief Operating Officer)
‘We believe this Fund to be unique,’ said Andre Sayegh, ‘whereby we will reserve the right to invest in the booming property markets of Abu Dhabi and Dubai, and elsewhere for that matter.’
‘Hedge funds currently marketed here are operated from Tokyo, London or the U.S. Al Saqer is UAE-based for the UAE investor, with eyes firmly focussed on the impressive returns that can be recordedhere with careful and deft management. Al Saqer offers a good alternative, or complement, to more traditional investments.’
Al Saqer is designed to achieve the highest return on capital consistent with principles designed to minimize the risk of capital loss through investments, both long and short, across globalmarkets.
The Al Saqer Fund will include, but not be limited to, foreign exchange trading, government and corporate debt securities, interest rate instruments, equity securities, stock indices, real estate,precious metals and base industrial commodities through investment in the spot, forward, futures, options and swap markets as well as in hybrid securities and other derivative instruments.
