Douglas Johnson, New York-based principal at Calyx Financial, a hedge fund group that delved into the world of Islamic finance, has spun off sharia-compliant services into a new firm, Codexa Capital.
Codexa will serve as an Islamic finance brand, while Calyx Offshore has been restructured as a conventional hedge fund and private-equity manager and placement advisor.
Codexa's services will cover five functions, says Johnson: product development for Islamic investment funds, sukuk and other structured vehicles; capital introduction as intermediaries between issuers and investors; asset-allocation advice; corporate finance; and investment research.
Although headquartered in New York, Codexa's target client base is found within the Islamic crescent that stretches from Morocco to Indonesia. Not all of these clients want sharia-compliant products, and therefore Calyx Offshore is able to provide absolute-return solutions, whether these are developed in house or placed on behalf of third-party managers.
Johnson says Codexa is working on creating sharia-compliant investment products in areas including distressed assets, infrastructure and cash-flow products such as equity dividends and real estate investment trusts.