CPIfinancial.net - Crescent
Wealth is planning to launch a further three funds – international
equities, property, and income funds – which together will form
Australia’s first Islamic superannuation option.
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Crescent
Wealth, Australia’s first Islamic wealth manager, have announced the
launch of the nation’s first Islamic Australian equity fund creating a
new opportunity in the superannuation industry, and tapping the
potential for Australians to access the $1.4 trillion global Islamic
financial services market.
The Crescent Australian Equity Fund (CAEF), which launches today
with an initial $5.5 million in funds under management and advice,
offers all Australians an investment that is managed in accordance with
Islamic principles, and is aimed at investors who are seeking a socially
responsible alternative option.
Crescent Wealth, currently the only local manager with specialist
expertise in Islamic investing, is targeting the significant potential
for Islamic funds in Australia, which it estimates will grow to as much
as $13 billion in funds under management by 2019 from a potential
investable universe of as much as $8 billion today. (source)
A local Islamic investment option has received strong support
from the wealth management industry and the Government as Australia
seeks to boost its credentials as financial services hub in the
Asia-Pacific region. Crescent Wealth sees significant potential for job
creation in Australia by accessing the enormous potential of the global
Islamic finance industry. Some 62 per cent of the world’s Muslims are in
the Asia-Pacific, the single largest community.
Aon Hewitt, which helped seed the CAEF with an initial
investment, sees Crescent Wealth as an important innovator in the wealth
management industry, and the only Australian manager with the
specialist expertise to succeed as a pioneer in Islamic investing.
“I would like to thank Aon Hewitt for their far-sighted vision,
innovation and ability to actually commit and implement," said Talal
Yassine OAM, Crescent Wealth‟s founder and Managing Director.
“For the first time, Australians have access to a local wealth
manager with a specialist focus and expertise in Islamic funds, and
whose products are targeting a significant gap in the Australian
investment landscape. We are also selling Australia to the world by
pioneering access to one of the most significant emerging market
opportunities in the global investment industry today.
“There is enormous potential for Islamic funds, from the
Australian community and from abroad, mirroring the significant growth
that we have seen in similar funds overseas. Crescent Wealth is proud to
be the leading Australian pioneer in Islamic investing, and we are very
pleased to offer an innovative new product that’s specifically tailored
to meet one of the most exciting growth opportunities in the wealth
management industry,” Yassine said.
The Aon Master Trust, a $2 billion superannuation fund, has long
provided an “Australian Shares - Socially Responsible” option for
Australians who want their super savings invested in an ethical manner,
eschewing industries such as gambling and tobacco. From July 2011 this
ethical option invested in the CAEF to provide greater potential for
strong risk-adjusted return.
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