• The new Public Fund bolsters Emirates NBD Asset Management as one of the largest local asset managers in the UAE

Dubai, UAE: Emirates NBD Asset Management, the asset management division of Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has strengthened its commitment to the UAE’s goal of developing the country’s asset management sector, by establishing its first public fund in Dubai International Financial Centre (DIFC) named FundStar (OEIC) PLC.

As an entity regulated by the Dubai Financial Services Authority (DFSA), Emirates NBD Asset Management has set up FundStar as an umbrella fund that will host a number of feeder funds and master funds across a broad range of asset classes and geographies, including equity and fixed income, as well as multi-asset strategies in both conventional and Shari’ah-compliant forms.

Being a licensed fund, FundStar shares will be promoted through a public offering to onshore retail investors in the UAE, in line with the existing Memorandum of Understanding between three different regulators, namely the Securities and Commodities Authority (SCA), the Financial Services Regulatory Authority (FSRA) and the DFSA. By investing in FundStar sub-funds, investors will have access to professionally managed portfolios across a wide range of asset classes and geographies. Also, the Feeder Sub-Funds within FundStar will provide retail investors with the opportunity to access foreign funds domiciled in highly regulated jurisdictions with proven track records such as Luxembourg. Investors will benefit from low entry investment amounts of USD 1,000/AED 1,000, daily liquidity and income generation on a quarterly basis.

Michail Samawi, Senior Executive Officer (SEO) at Emirates NBD Asset Management, commented: “As the UAE’s regulatory environment continues to evolve, Emirates NBD Asset Management is proud to create a Public Fund that complies with the current prevailing regulations, and strengthens the relationship with our customers by offering them access to professionally managed funds domiciled in renowned, highly regulated jurisdictions.”

He added: “FundStar adds to our portfolio of locally regulated solutions that support the investment goals of our retail investors. As one of the largest asset managers in the UAE, Emirates NBD Asset Management is using its expertise to provide innovative products, while supporting the growth of financial markets in the region.”

Tariq Chaudhary, Group Head of Wealth Management at Emirates NBD, commented on the launch: “The Launch of FundStar comes at a very critical juncture in the investment landscape of the UAE. We are delighted with the launch of an onshore eligible platform that provides locally regulated solutions to support the investment goals of a large number of our retail investors.”

Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, said: “As a financial institution that leads the region in innovation and technology, we are proud to launch FundStar, a local platform that will utilise our regional and Shari’ah-compliant capabilities to offer best-in-class solutions to the regional investor while reflecting our commitment to supporting the growing needs of financial markets in the region.”

FundStar (OEIC) PLC allows investors to participate in conventional and Shari’ah-compliant forms, in regional and global fixed income portfolios and equities, as well as offers access to world-class asset managers through several risk-profiled, multi-asset funds.

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About Emirates NBD

Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st March 2024, total assets were AED 902 billion, (equivalent to approx. USD 246 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 858 branches and 4,450 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.89 billion. 

Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.

Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE’s Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.

For further information on Emirates NBD, please contact:

Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
e-mail: ibrahims@emiratesnbd.com

asda’a bcw
Dubai, UAE
Email: emiratesnbd@bm.com