Changes to Investment Manager

RNS Number : 8306N

The Family Shariah Fund Ltd

18 June 2010

 



The Family Shari'ah Fund Limited

('FSF' or the 'Company')

CHANGES TO THE INVESTMENT MANAGER'S KEY PERSONNEL

The Company has been informed by The Family Office Company (B.S.C.) Closed, the investment manager to the Company ('TFO' or the 'Investment Manager'), that a number of changes have been, or will be, made to the investment committee at TFO which is responsible for implementing the investment decisions in relation to the Company.

Investment committee

The Investment Manager has made a number of changes to its key personnel since the Company was admitted to AIM. These changes include the resignation of Richard Joye, a current member of TFO's investment committee, who will resign from TFO with effect from 24 June 2010.  Kary Mack has also left TFO (Kary was previously a member of their investment committee).  

However, the Investment Manager has confirmed that it has recently appointed Mehmet I. Budak to the position of Deputy Chief Executive Officer.  Mehmet has replaced Richard on the Investment Manager's investment committee with effect from 14 June 2010.  Mehmet brings with him a considerable amount of investment management experience.  Before joining TFO as Deputy Chief Executive Officer, Mehmet was Senior Investment Director and Head of Regional Office (Emerging Markets) for London-based global equity house Marathon Asset Management.  From 2003 to 2007 Mehmet was Vice President of leveraged buyouts for the Carlyle Group where he was involved in all aspects of private equity investing. Prior to this, he was an associate at Goldman Sachs where he focused on banking, insurance and the financial technology industries.

In addition, the Investment Manager has confirmed that Jon P. Hedley, who is on the Board of TFO, has recently been appointed as a consultant to TFO and is a member of its investment committee. Jon advises TFO on the sourcing, negotiation and monitoring of investments primarily in the United States.  In 2002, Mr. Hedley co-founded OneCapital Management Partners, a diversified alternative investment management company based in New York.  Prior to that, from 1990, Mr. Hedley was a member of the management committee of Investcorp.  At Investcorp, he co-founded and co-managed the bank's fund of hedge funds from 1996 to 2001, which at the time had assets under management of approximately US$3.5 billion.  Mr. Hedley started his financial career in 1982 with Bankers Trust in New York.

The Investment Manager's investment committee will therefore comprise Abdulmohsin Al Omran (CEO of TFO), Mehmet I. Budak (Deputy CEO of TFO) and TFO Board member Jon P. Hedley. 

The details of the key personnel at the Investment Manager will be updated on the Company's website and any further changes to key personnel will be notified in accordance with the AIM Rules for Investing Companies.

Having considered the various changes to TFO's investment committee, as summarised above, FSF believes that these appointments have been positive and will not have a negative impact on the achievement or progression of FSF's investing policy as the depth and breadth of the investment team's experience is greater as a result of such appointments.  The collective expertise which TFO can utilise in its role as FSF's investment manager is therefore enhanced. 

Board appointments

FSF recognises the value which Richard Joye has brought to the Company in his role with the Investment Manager and, as a consequence, the Board of FSF has decided to invite Richard to become a Director of FSF subject to ensuring that the majority of the Board remain independent.  The Board is therefore seeking to identify a suitable candidate to be appointed as an additional independent Director on the Board.  A further announcement regarding any such proposed appointment and the confirmation of Richard's appointment as a Director will be released in due course.

For further information, please contact:

The Family Office	Tel: [phone]
Naji Nehme
Religare Capital Markets (Nomad and Broker)	Tel: [phone]
James Pinner / Derek Crowhurst / Alan MacKenzie

Notes to Editors

The Family Shari'ah Fund Limited is the first multi-asset class fund to gain admission to AIM and provides investors with exposure to a variety of Shari'ah Compliant investments predominantly outside of the GCC region.

The Company's investing policy, as defined by the AIM Rules, is available on the Company's website at www.familyshariahfund.com/investing_policy.html.

 

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