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BLF to launch fixed-income fund
Banque Libano-Française (BLF) plans to launch an open-ended fixed-income investment fund and aims to raise $50 million in one year.
The financial vehicle, LF Lebanon Income Fund, will mainly target Government instruments such as Eurobonds, but it could also invest in corporate bonds when available. “We aim to bring the size of the fund to $50 million a year from now,” said Jamil Koudim, Head of Asset Management at BLF.
The fund, which is denominated in US dollars, will be opened for both individual and institutional investors.
Subscription will start in August with the minimum subscription set at $200,000 for institutions and high-net worth individuals, and $10,000 for retail investors.
The fund aims to generate an annual return of more than seven percent if, in addition to bond income, capital appreciation is included.
BLF plans to launch other funds this year, targeting different asset classes, Koudim said.
The bank currently manages another fund valued at $50 million.
Reported by Shikrallah Nakhoul
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Jun 29, 2016
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