Libank preparing
$25 million mutual fund

To focus on investors
interested in high returns

Levant Investment Bank (Libank), a local independent investment and private bank, will launch a $25 million mutual fund in April.

“The Capital Markets Authority (CMA) approved the fund,” said Salim Chaar, Chief Executive Officer of Libank.

The US-denominated fund will allocate half the fund’s portfolio to fixed income securities, predominantly Lebanese, and the other half to international equities: 35 percent in US equities and 15 percent in Asian equities, excluding Australian and Japanese equities.

“The fund will focus on investors interested in capital preservation and high returns,” said Chaar. “We are encouraged by the signs of recovery of the US market and some other growing Asian economies, in addition to the fact that they are pegged to the US dollar,” he said.