Riyadh — BlackRock and HSBC — prominent asset managers — have launched dedicated Saudi Arabia investment funds, according to the Financial Times.

Larry Fink and John Flint, chief executives of BlackRock and HSBC respectively, attended a financial conference held in Riyadh last month alongside other senior figures including Frédéric Oudéa, chief executive of Société Générale, and David Schwimmer, chief executive of the London Stock Exchange.

BlackRock and HSBC Global Asset Management have each launched exchange traded funds in the past month that will track the MSCI Saudi Arabia 20/35 Capped Index, which focuses on mid and large-cap companies in the Gulf state.

The HSBC unit, which manages $451bn, said the launch was “in response to interest from international investors following the inclusion of Saudi Arabian equities into global indices”.

MSCI will include the country in its influential emerging markets index this summer and Saudi Arabia’s stock market was also recently admitted into emerging market indices run by FTSE Russell and S&P Dow Jones.

BlackRock’s new product is a Ucits version of an ETF available for US investors. It said its launch was in response to “significant client demand . . . in anticipation of the MSCI index inclusion”. — Agencies