Through the Diamond Diversified Series, Standard Chartered offers UAE investors a portfolio of some of the best hedge funds managed by renowned fund managers including MAN Investments, PERMAL Investment Services, GAM Limited and Synergy AM.
Hedge funds, long considered the sole preserve of the very rich, are investment vehicles designed to achieve positive returns in both rising and falling markets.
The 100% capital protected scheme takes the form of a seven-year Euro Medium Term Note, and offers the opportunity of profitable redemption after year three years, or a yearly coupon linked to portfolio performance.
The launch of the new investment product took place last night at Dubai's Fairmont Hotel where a select audience of the bank's Priority Banking customers listened to a presentation on the new product from Georges Khoueiri, Deputy Head, Marketing, Societe Generale Bank, Paris.
Jeremy Awori, Standard Chartered's head of consumer banking in UAE said: "Our Priority Banking customers expect us to lead the way in wealth management. Diamond Diversified is another great product which complements our comprehensive range of wealth management solutions we offer our customers in the UAE."
Diamond Diversified requires a minimum investment of USD 20,000, and is guaranteed by Societe Generale which carries an AA- credit rating from Standard & Poors.
The opportunity to take part in the Diamond Diversified investment plan closes on February 24, 2004.
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Standard Chartered launches Diamond Diversified Capital Guaranteed Note
- United Arab Emirates: Tuesday, February 10 - 2004 at 12:49
- PRESS RELEASE
Standard Chartered Bank announced yesterday the launch of a capital guaranteed investment product called the Diamond Diversified Series that will provide investors with the opportunity to gain exposure to some of the world's more successful hedge funds while guaranteeing 100% of the investor's capital.
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Diamond Diversified - in brief:- Minimum investment amount: USD 20,000
- Seven-year EMTN* denominated in USD
- Issued by Societe Generale Acceptance NV
- 100% capital guarantee, at maturity by Societe Generale
- 100% participation in the performance of the Diamond Diversified Fund linked to a portfolio of six underlying funds
- The opportunity to be redeemed at profitable level starting year three or receive a yearly coupon linked to portfolio performance
- Starting year three, and as long as no redemption occurs, you receive a performance-linked coupon every year
- Weekly liquidity
- Dynamically leveraged. Starts at 100%, minimum 10%, maximum 150%
- Offer closes February 24, 2004
* Euro Medium Term Note. A flexible medium-term note issued and traded outside the US and Canada. An EMTN programme is a vehicle for raising finances, by borrowing from the capital market or from private investors. EMTNs make it easier for issuers to enter into foreign markets for capital: with EMTNs the issuer maintains a standardised document (known as a programme) that can be transferred across all issues and has a great proportion of sales through a syndication of pre-selected buyers.
For further Press information, contact: Will Rankin, MCS/Action, Dubai Media City, Dubai, United Arab Emirates
Tel: +971 43902980 Fax: +971 4 3908161
Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, February 10 - 2004 at 12:49 UAE local time (GMT+4)
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