Permal, part of French group Worms & Cie, announced last month that it had launched its first Islamic hedge fund.
The fund is part of the $528 million Alfanar family of Islamic funds it runs with investment management company Sedco, a vehicle of Saudi Arabia’s bin Mahfouz family.
The fund, called Alfanar US Equity Hedge Fund, is a growth fund managed by FLA Advisers, a New York-based hedge fund company with about $3.2 billion of assets under management.
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