SWIP wins £20m Shariah emerging markets mandate

Scottish Widows Investment Partnership (SWIP) has been appointed by Russell Investments to manage a £20m emerging market equities portfolio in accordance with Shariah principles.

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This portfolio will form part of the Russell Jadwa Shariah fund range, which was jointly launched by Russell and Jadwa Investments in January 2008.

Russell is a global player in multi-manager investing, while Jadwa is an investment bank rooted in Islamic values and providing Shariah-based financial solutions.

SWIP will identify the best emerging market opportunities within a Shariah compliant universe with a portfolio consisting of between 25 and 40 stocks.

Ominder Dhillon, head of SWIP’s UK institutional business said: “This mandate highlights SWIP’s flexibility in managing bespoke client requirements and acknowledges our expertise and excellent track record in managing emerging market equities.

“These are exciting times for emerging markets which offer investors a number of compelling stock picking opportunities.

“While the majority of emerging markets have not escaped the global liquidity crisis unscathed, there have not yet been any material changes in the fundamentals of emerging market economies and the factors underpinning growth remain very much in place.”

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