Emirates NBD Asset Management, the asset management arm of Emirates NBD, announced today that it has won the award for Equity Manager of the Year at the Global Investor, Middle East Asset Management & Brokerage Awards, on the back of strong performance in difficult markets.
The award from Global Investor underlines Emirates NBD Asset Management’s focus on companies with strong and sustainable growth, which contributed to the strong performance of its funds this year. The Emirates MENA Top Companies Fund delivered a 12 month positive return of 3.27per cent as at the end of August 2011 compared to a negative -3.48% S&P Pan-Arab Index performance. In addition, the Emirates MENA High Income fund delivered a total return of 35 per cent since its inception in January 2009, and as part of its semi annual income distribution policy, paid an annualised dividend of 5 per cent for the first half of 2011.
“This is a proud moment for Emirates NBD Asset Management, and the culmination of dedicated efforts on the part of our equity team,” said Deon Vernooy, Senior Executive Officer, Emirates NBD Asset Management. “This award is a testament to the expertise that Emirates NBD Asset Management has in managing MENA equity products. Our funds significantly outperformed their regional peers this year, despite regional unrest and volatility in global financial markets that resulted in negative returns for most regional equity funds.”
“It is also extremely gratifying that this recognition has come from a publication as prestigious as Global Investor. This award will significantly boost our standing as an asset management company, and will serve to build greater confidence in our expertise among the regional investment community,” he added.
Emirates NBD Asset Management will receive the award on the closing day of the 2nd annual summit on “The Future of Capital Markets in the Middle East,” scheduled to be held on November 22, 2011 at the Jumeirah Emirates Towers Hotel, Dubai. Discussions at the summit are expected to focus on the region’s capital markets and the various investment opportunities across industries including financial and asset management.
A specialist asset management firm and a wholly owned subsidiary of Emirates NBD Group, Emirates NBD Asset Management, manufactures its own conventional and Islamic products, offering exposure to regional as well as global markets. With 52 financial specialists from 14 different countries, it has been acknowledged by McKinsey as the largest asset manager in the UAE (2009) and among the top 10 in the region.
Emirates NBD Asset Management has also won several awards including “Asset Management firm of the year” at MENA Investor Awards 2009 and “Best Fund Management Company” at the Arab Achievement Awards 2011.
Regulated by the Dubai Financial Services Authority and based in the Dubai International Financial Centre, Emirates NBD AM manages approximately US$1.6 billion across a range of funds domiciled in Jersey, Channel Islands and regulated by the Jersey Financial Services Commission. These include the MENA equity and fixed income funds, a suite of global risk profiled funds and a range of seven Sharia-compliant funds.
The three MENA Equity Funds that have been awarded for their performance are:
Emirates MENA Top Companies Fund
The MENA Top Companies Fund (the “Fund”) is an investment fund that aims to achieve medium- to long-term capital growth through investments in a portfolio of GCC and MENA equity offerings. The Fund, invests predominantly in the UAE, Oman, Bahrain, Qatar, Saudi Arabia, Kuwait, Morocco, Tunisia, Egypt and Jordan, with an active management style to take advantage of price distortions and specific opportunities that display potential for strong gains. The Fund’s assets are diversified geographically and across sectors, investing directly in the specified individual markets or via recognised collective investment schemes and/or managed accounts. In addition to the equity component, the Fund may also hold other instruments and deposits and otherwise maintain ancillary assets in order to ensure that it is in a position to preserve capital value and reduce overall portfolio risk.
Emirates MENA Opportunities Fund
The objective of the Fund is to provide investors with a professionally managed means of participating in Shari’a compliant growth investments across a range of MENA markets. The Fund aims to achieve long-term capital growth from a diversified portfolio of Shari’a compliant equity securities, although it can take on exposure to other assets from time to time. These assets include, but are not limited to, Murabaha and fixed deposits, Sukuk, trade finance, real estate, alternative strategies and cash equivalent assets.
Emirates MENA High Income Fund
The Emirates MENA High Income Fund is an open-ended fund that aims to provide a high level of income from a managed portfolio of MENA assets. The fund invests primarily in equities but also take exposure to other suitable asset classes such as fixed income instruments, deposits and ancillary assets. Income is distributed on a semi-annual basis with a target rate of 3-month LIBOR plus 300-500bps.