Emirates NBD Asset Management Limited, the asset management arm of Emirates NBD, a leading bank in the region, announced today that its Emirates MENA Fixed Income Fund and its Emirates Global Sukuk Fund have both been awarded a Silver grading by global ratings agency Standard and Poor’s (S&P) Capital IQ Fund Services.
The Emirates MENA Fixed Income Fund holds assets of US$86 million, and offers daily liquidity in US dollars, UK pounds and UAE dirhams. It is the only S&P graded fund in the MENA fixed income space. The Emirates Global Sukuk Fund also offers daily liquidity, in US dollars and Euros, and is US$55 million in size.
The grading caps two stellar years for the Emirates MENA Fixed Income team, and comes on the back of consistently high performance. The funds’ management team at Emirates NBD Asset Management, headed by Usman Ali Ahmed, Head of Fixed Income, has continued to deliver outstanding returns to clients by navigating through volatility and difficulty in markets around the world, despite the ongoing global financial turmoil.
Giving a compelling verdict on the funds’ results, the S&P team said of the Emirates MENA Fixed Income Fund: “The overall performance of the fund is strong in its short history from its inception in March 2010, particularly under Ahmed's tenure. It is also ahead of its main peers over this cumulative period, as well as over the past 12 months. In addition to successful tactical benchmark exposure management, the manager's bottom-up security selection has been strong.”
Both funds have track records of over two years and its directors approved a dividend for the first half of 2012 to income class shareholders equivalent to five per cent per annum in US dollar terms for the Emirates MENA Fixed Income Fund, and four per cent per annum equivalent for the Emirates Global Sukuk Fund. Both of these numbers are in line with 2011 dividend payments.
“Achieving a Silver grading from S&P and becoming the only fixed income fund in the wider region to be graded by perhaps the world’s premier ratings agency is a significant achievement and a testament to how well the MENA Fixed Income team has been doing,” said Deon Vernooy, Senior Executive Officer, Emirates NBD Asset Management.
“The rating is a reflection of our strong commitment to delivering superior products to our investors, through our disciplined research-driven approach to fund management. We are proud to be the only MENA fixed income fund to be rated by S&P, which reinforces our standing as a leading Middle East asset management company.”