Crescent Wealth Targeting Malaysian Investors

By Neville D'Cruz MELBOURNE, Nov 8 (Bernama) -- Crescent Wealth, Australia's first Islamic wealth manager, is targeting a significant opportunity for its managed funds to attract investment from Malaysia, which is home to the world's second-largest Islamic funds market with about US$5 billion under management. Crescent Wealth, which last month launched the first Islamic Australian equity fund, is pioneering Australia's potential to become a global hub for Islamic investing and tap into the A$1.4 trillion global Islamic financial services market, the company said on Tuesday in a statement. Malaysia is Australia's third-largest Asean trading partner and a net investor into Australia with investments totalling A$8.6 billion in 2009. The only Australian wealth manager currently with specialist expertise in Islamic investing, Crescent Wealth sees significant potential to partner with Malaysian institutions that are attracted to Australia's robust and burgeoning wealth management industry, which is Asia's largest with about A$1.8 trillion in funds under management, the company said. Crescent Wealth's Syariah Supervisory Board includes Amanie Islamic Finance & Education LLC, and is led by renowned Syariah scholar Dr Mohamad Daud Bakar. "Australia has one of the most sophisticated and respected wealth management industries in the world. "Crescent Wealth is pioneering the significant growth opportunity for our industry to become a leading hub for Islamic investing, particularly in our own region where 62 per cent of the world's Muslims reside," said Talal Yassine, Crescent Wealth Founder and Managing Director. With A$5.5 million under its management and advice, Crescent Wealth launched the Crescent Australian Equity Fund (CAEF) on October 6, the first Australian fund that is managed in accordance with Islamic principles. It is targeting the significant potential for Islamic funds in Australia, which it estimates will grow to as much as A$13 billion in funds under management by 2019 from a potential market of as much as A$8 billion today. The CAEF will soon be followed by an international equities fund, a property fund and an income fund, which Crescent Wealth believes will be attractive to international investors looking for a socially responsible alternative to traditional investment strategies. Crescent Wealth has received strong support from the wealth management industry and the Australian government seeks to boost its credentials as financial services hub in the Asia-Pacific region. The firm sees significant potential for job creation in Australia by accessing the enormous potential of the global Islamic finance industry. Aon Hewitt, which helped start 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. "For the first time, Australians and overseas investors have access to an Australian wealth manager with a specialist focus and expertise in Islamic funds. "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 overseas-based Islamic funds," said Yassine. Crescent Wealth said it was proud to be the leading Australian pioneer in Islamic investing, and "we are pleased to offer an innovative new product that is specifically tailored to meet one of the most exciting growth opportunities in the wealth management industry," he added. -- BERNAMA Malaysia