Boards of Jersey-based funds approve formal dividend payout for H1 2011
Stellar performance on income fund suite
Fixed income suite delivers significant capital growth
Dubai, August 1, 2011: Emirates NBD Asset Management Limited, the asset management arm of Emirates NBD Bank PJSC, today announced high dividend distributions on its income range of funds for the first half of 2011.
The formal dividends, which cover the trading period from 1st January 2011-30th June 2011, approved by the boards of the Jersey-based funds, are as follows:
· Emirates Mena Fixed Income Fund: 2.5% (annualized 5%)
· Emirates Mena High Income Fund: 2.5% (annualized 5%)
· Emirates Global Sukuk Fund: 2.25% (annualized 4.5%)
The funds, which cover Islamic and regional debt instruments, as well as a high yielding equity-based product, delivered annualised income distributions of 4.5%-5% in US Dollar terms for the first six months of the year. All three funds have performed strongly against peers over the period with the fixed income suite delivering significant capital growth as well.
The running yield of the three funds averaged 5.21%, 4.8% and 4.44% respectively over the period.
"Emirates NBD Asset Management's services in the income space appeal to investors seeking attractive income and capital growth as part of a diversified portfolio, and includes funds focusing on regional equities, regional fixed income, regional real estate and global asset allocation," said Jamal Bin Ghalaita, Group Deputy CEO, Emirates NBD. "The strong performance of our income range of funds is evidence of investor confidence both in the regional markets and in Emirates NBD's Asset Management arm."
Commenting on the distributions, Deon Vernooy, Head of Emirates NBD Asset Management, said: "We are aware that, with confidence and liquidity returning, the risk free rate in the region has fallen significantly. At the same time this coincides with investor appetite for income being at an all-time high. These funds provide a perfect vehicle for income-seeking investors in the conventional and Shari'a compliant space."
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 forms one of the largest asset management firms in the region.
Emirates Global Sukuk Fund
The Emirates Global Sukuk Fund is a US Dollar denominated, Sharia compliant open ended fund that will invest in a diversified portfolio of Sukuk issued by companies locally and globally. The primary investment objective of the Fund is to achieve high income as well as capital growth.
Emirates MENA Fixed Income Fund
The Emirates MENA Fixed Income Fund is a US Dollar denominated open ended fund, which aims to achieve a high level of income as well as capital growth, predominantly through a diversified portfolio of MENA debt securities of varying maturities along with cash and other ancillary instruments.
Emirates MENA High Income Fund
The Emirates MENA High Income Fund is an open ended fund which aims to provide a high level of income from a managed portfolio of MENA assets. The fund will primarily invest in equities, but also take exposure to other suitable asset classes such as fixed income instruments, deposits and ancillary assets. Income will be distributed on a semi-annual basis with a target rate of USD 3 month LIBOR plus 300-500bps.
-Ends-
About Emirates NBD:
Emirates NBD (DFM: Emirates NBD) is the largest banking group in the Middle East by assets. At 31st of December, 2009, total assets were AED 281.6 billion and a combined market share of 20.5%.
The Group has a leading retail banking franchise in the UAE, with 132 branches, 705 ATMs and SDMs. It is a major player in the UAE corporate banking arena, with a combined market share of almost a fifth of corporate loans. It also has strong Islamic banking, investment banking, private banking, asset management and brokerage operations.
The Group has operations in the UAE, the Kingdom of Saudi Arabia, Qatar, the United Kingdom and Jersey (Channel Islands), and representative offices in India, Iran and Singapore. For more information, please visit: www.emiratesnbd.com
About Emirates NBD Asset Management
Emirates NBD Asset Management, which is regulated by the Dubai Financial Services Authority, is the asset management division of Emirates NBD Bank, the largest bank by assets in the MENA region. The asset management entity manages over $1.6billion across a range of products including MENA equity and fixed income funds, global risk profiled funds and a complete range of Shari'a compliant vehicles. The Emirates NBD managed funds are domiciled in Jersey and are regulated by the Jersey Financial Services Commission.
For further information, please contact
Afaf Jbara / Hassan Al Khuwaildi
Communications
Group Marketing, Emirates NBD
Tel: 971-4-6093481 / 971-4-6093459
Mob: 971 50 8842020 / 971 50 7454454
Email: Afafj@emiratesbank.com / HassanAl@emiratesnbd.com
Parisa Ansarian / Sudha Chandran
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
Email: p.ansarian@asdaa.com / s.chandran@asdaa.com
Disclaimers
Information and opinions contained herein have been compiled or arrived at by Emirates NBD Asset Management Limited ("Emirates NBD AM") from sources believed to be reliable but Emirates NBD AM cannot accept liability for any loss arising from the use hereof nor make any representation as to their accuracy or completeness. The opinions expressed herein are not intended to serve as authoritative investment advice. It may not be used or considered as an offer to sell, or a solicitation of any offer to buy, any investment. Emirates NBD AM therefore accepts no liability whatsoever for any direct, indirect or consequential loss arising from the use of this document. The price of units or shares and the income from them can go down as well as up. An investor may not get back the full amount invested. Past performance is not indicative of future performance. It should be noted that investments might not be readily marketable and it may therefore be difficult for an investor to sell his/her investment in any fund.
© Press Release 2011
