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The fund seeks to offer offshore investors the opportunity to access the frontier markets of the Middle East and North Africa.

The investment objective of the fund is to achieve long-term total returns through investment in equities of companies domiciled in the Middle East and North Africa (MENA), or which derive a significant proportion of their earnings from these two regions.

Investec’s frontier markets investment team manages the fund.

Amr Seif, portfolio manager, said: "Investec Asset Management’s creation of the new Middle East and North Africa Fund reflects our recognition of the investment case for the region and the interest that investors have shown in this area."

The investment universe for the fund offers access to 10 countries with a total population of over 200m and an equity market capitalisation of over a trillion US dollars.

According to Seif, the team has a high conviction about this region.

"MENA countries have spent the past years liberalising their economies, privatising and deregulating at a time of wealth accumulation driven by high commodity prices.

"This contributes to economic balances and strengthens local currencies and hence reduces risk premia.

"Individual stocks are still valued attractively given the growth levels and risk profiles of these markets."

Last month Investec launched an offshore Africa fund. (See story.)