Islamic fund a challenge
It is understood Auckland-based boutique Goldman Henry is working on a fund to cater to Muslims, although it has not yet made any public announcement, and the firm’s managing director Brian Henry was unavailable for comment.
But those with knowledge of the company’s plans say other New Zealand fund managers won’t be rushing to follow suit.
According to one investment professional, the stringent investment rules associated with making a fund compliant with Sharia (Islamic) law would be off-putting for other New Zealand managers, given their lack of experience in the space.
“There are lots of hoops you have to go through in terms of who your advisory council is with Sharia law.”
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