Emirates NBD, a leading bank in the region, announced today that Standard & Poor's Fund Services has assigned an 'A' fund rating to Emirates NBD Asset Management's three global, multi-asset class funds, making them the first managed funds with such a diverse asset allocation to receive an S&P fund rating in the GCC. Emirates NBD Asset Management currently has approximately US$1.6billion of assets under management across a range of mandates.
Emirates NBD Asset Management's multi-assets funds (Conservative Managed, Balanced Managed and Active Managed) were all deemed by S&P to demonstrate high standards of quality with regard to their investment process and management consistency. In addition, the Emirates MENA Top Companies and Emirates MENA Opportunity funds were also assigned "A" fund ratings by S&P.
S&P Fund Services lead analyst, Peter Brunt, said of the managed funds: "Overall, this is a young, but solid team whose size is sufficient given the approach. The process is sound and although the track record is relatively short, it is encouraging. The team typically considers a wider range of asset classes, more than other asset allocation funds."
"The Middle East is not only becoming a location for investors to allocate to, but the region's asset managers are offering global products, managed from Dubai, to foreign investors. The three Emirates NBD Managed funds are a demonstration of global, multi-asset class funds that can compete with international peers," added Brunt.
Commenting on the MENA equity funds, Roberto Demartini, Lead Analyst, S&P Fund Services, said: "The clear approach, strong and reasonably stable resources and the good organisational framework surrounding the fund manager all point to the comfortable achievement of an S&P 'A' rating."
Deon Vernooy, Head of Emirates NBD Asset Management Limited, regulated by the Dubai Financial Services Authority, went on to highlight: "The S&P fund rating will help investors recognise the quality of our funds, as S&P rates all funds to a common global standard. Our Jersey-domiciled funds are increasingly being utilised by international investors as we export our Middle-East knowhow to investors in Asia and Europe."