The Iranian market is dominated by chemicals and by-products, which make up over 20 percent, followed by monetary intermediation and basic metals.
"Implementation Day" which took place last Saturday means nuclear-related sanctions against Iran have been lifted, and that Western countries can now trade freely with Iran.
Griffon's launch follows that of U.K. based asset manager Charlemagne Capital, with teamed up with Tehran based stock broker Turquoise Partners to launch its Iranian securities fund last week, after announcing plans for the fund last summer.
Last week, in the first week following the lifting of sanctions the Tehran Stock Exchange was up almost 8 percent since the start of January 2016.
As concerns surrounding global growth, uncertainty in China and fresh lows in oil prices have gripped markets since the start of the year, the S&P 500 is down over 6 percent, while London's FTSE slipped in bear market territory last week, down 20 percent from its highs in April last year.