Henderson Global Investors has conceded that an application it made to the Financial Services Authority to launch two new funds may never be needed.

The asset management house – which is in the process of buying Gartmore Investment Management – says it set up the Iman Balanced Managed and Cautious funds for an institutional client but the funds were never launched.

Richard Acworth, head of corporate communications for Henderson Global Investors, said the fund was registered for an institutional client but ‘was never launched or operated, but remains there if needed.’

According to the FSA the fund was approved under a NURS (Non-UCITS Retail) structure, which allows funds to be marketed to retail investors under less-restrictive terms than a UCITS structure.

There are currently a range of Iman funds on sale in the USA – operated by Allied Asset Investors - that are marketed to Muslim investors looking for Shariah-compliant funds.

The US fund invests its net assets in domestic and foreign securities chosen to meet Islamic principles which preclude investing in alcohol, pornography, gambling and investments in interest bearing debt obligations.