Turner Investments, the growth-stock-picking, hedge-fund-like Berwyn mutual fund and portfolio management shop whose assets peaked at $28 billion before the 2008 financial crisis but have lately fallen below $1 billion, says it has raised a pile of cash, of undisclosed size, from two prominent investors, one of whom praised Turner's global approach for its compatibility with Muslim finance guidelines. Turner's statement:
"Turner Investments is pleased to announce the closing on a series of strategic investments in the company. His Excellency Abdul Jabbar Al Sayegh of Abu Dhabi, Chairman and Chief Executive of Al Sayegh Brothers Group of Companies and a private foundation established by Abraham Jou are lead investors in the financing.
"Mr. Al Sayegh is Chairman of Noor Capital P.S.C and a former Board Member of the Abu Dhabi Chamber of Commerce and Industry, having previously held senior positions at both Abu Dhabi Investment Authority and Abu Dhabi Investment Company.
"Mr. Al Sayegh states, 'I have gotten to know Bob Turner and Turner Investments well over the last couple of years. Turner is recognized as a global leader in growth stock investing and I am very impressed with their performance record, particularly in global growth and their long/short strategies. Global Growth, particularly in a Sharia compliant portfolio, should be well received in the Gulf Coast Countries.'
"Mr. Jou is Chairman of Loyalty Alliance Enterprise Corporation of Hong Kong and Chairman and former CEO of PayEase Corp., a leading wireless payment confirmation, data delivery and mining technology provider, with offices in US, China, Taiwan, and Hong Kong.
"Previously, he was founding CEO/President of Silicon Valley Communications, Inc. (SVC, Santa Clara, California), a leading optical communications technology company and equipment manufacturer."