The fund's main objective is to generate long-term capital growth through investments in equities of Shariah compliant companies listed on the Saudi Stock Exchange.

The Freestyle concept allows fund managers to manage the fund on an active basis and invest in companies that show a strong potential to outperform in the long-term.

The fund will not be constrained by weights of companies or sectors in the benchmark and will be invested in a concentrated portfolio of high conviction equity picks in the Saudi equity market.

Osama Shaker, managing director and head of Financial Markets at HSBC Saudi Arabia, said: "HSBC Saudi Arabia has a long track record of managing equities in Saudi Arabia. Given our strong track record in the Saudi equity market and our capabilities in stock selection, this new fund is based on HSBC Saudi Arabia's core strengths and offers investors a new approach to investing in Saudi equities".