Islamic finance awards 2008: Best fund manager
In the past few years, HSBC Amanah has demonstrated its ability to innovate through a series of fund products. Its Global Properties Income Fund is, at $1.7 billion, the biggest Islamic real estate fund.
The Capital Protected Funds were the first such Shariah-compliant funds when they were launched in 2002. They used the pioneering bai-al-arbun structure that has become a template for most other providers of structured products. HSBC Amanah also pioneered the use of CPPI strategy for Islamic capital protected funds. The bank has developed other groundbreaking funds, including Investment Linked Policy Funds for Takaful, a series of funds using the multi-manager concept, and a Hang Seng China Index Fund. The latter is the first Shariah-compliant investment fund to be approved by the Securities and Futures Commission to be marketed to retail clients in Hong Kong.
In addition, HSBC Amanah offers Islamic discretionary portfolio management services to cater to the needs of high-net-worth individuals as well as institutions. Products are also in the pipeline to provide Islamic funds to clients in India and Canada. The firm had about $4.8 billion of assets under management at the end of October 2007 (this excludes assets raised through closed-end structured products as well as third-party, white-labelled products).