SocGen taps into Middle East

Société Générale Asset Management (SGAM) is preparing to launch a Middle East and North Africa fund called the SGAM MENA Opportunities for fund manager Mark Krombas..

The fund will come under the management of Krombas who has been a manager on the emerging markets team for SGAM since 2004

It will be registered and domiciled in Luxembourg with share classes on sale in the UK.

Mikkel Bates, head of UK marketing at SGAM, said the fund will concentrate on Arabian countries and will not be investing in Israel or Turkey.

'Oil revenues are important to growth in the region, but they are not the only story.  Non-oil GDP growth is strong and government investment programmes will total $1.5 trillion over the next 5 years, providing great investment opportunities in construction and financial services.  New companies are coming to market and the markets are opening up to investors yet are uncorrelated to major world markets, so this makes the region hugely attractive.' he said.

A large percentage of the portfolio will be focused on infrastructure with heavy weighings in real estate, banks and transport.

SGAM  hope the new product will be available by May.