Simmons and Simmons has advised Saudi Arabia-based asset manager SEDCO Capital on a one-stop-shop investment platform of sharia-compliant funds domiciled in Luxembourg and regulated as a specialised investment fund.

The platform is targeted at professional and institutional investors and comprises sub-funds managed in compliance with sharia guidelines by a range of specialist third party investment managers, in addition to SEDCO Capital itself. Law firm Elvinger, Hoss & Prussen acted as local Luxembourg law counsel.

Reuters said that Jeddah-based investment firm Sedco Capital was looking to expand its range of Islamic funds to more than 15 by year-end, a sign of improving financial market sentiment and changing investor attitudes in Saudi Arabia. The plan adds momentum to the Gulf's Islamic funds industry, which has been hurt by the global financial crisis but is now attracting regional firms such as Qatar's QInvest, which aims to launch 30 funds.

The Simmons & Simmons team was led by Islamic funds and finance partner Muneer Khan, and he was supported by funds partner Neil Simmonds and tax partner Nick Cronkshaw.

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