NBAD Mena Dividend Leader crosses Dhs1bn milestone

March 31, 2014 12:16 pm

The National Bank of Abu Dhabi’s NBAD Mena Dividend Leader Fund (MDL) has grown to more than AED1 billion and become the region’s largest equity fund in less than a year from its launch.

“This is a major achievement for both NBAD and the UAE as it puts the UAE asset management industry firmly on the map,” said Mark Watts, Chief Investment Officer and the Managing Director of NBAD’s Asset Management Group. “This represents a resounding vote of confidence in our array of products, and the Mena Dividend Leader Fund in particular.”

Mr. Watts added: “Client interest remains very high and continues to attract third party distribution platforms.”

MDL invests in an array of stocks and equities across markets and exchanges. The fund aims to provide its clients with a regular income stream with relatively lower volatility. MDL Fund is UCITS compliant and follows stringent risk spreading rules.

“We anticipate continued good returns for the Mena markets in 2014,” commented Saleem Khokhar, Head of Equities NBAD’s Asset Management Group. “A number of positive catalysts are driving the Mena region including low levels of debt, strong and stable currencies, robust and improving growth rates, high rates of infrastructure spending and a young demographic. From June onwards, the UAE and Qatar will be classified as Emerging Markets attracting international investor interest from across the globe.”

NBAD’s MENA Dividend Leader Fund, launched in 2013, has performed very well returning 37.1% since inception and beating the S&P Pan Arab benchmark by 5.5%. The Fund paid its first distribution in September 2013 with a 6.3% annualised yield. The Fund’s strategy to invest in fundamentally strong MENA blue chip stocks with sustainable cash flow, attractive dividend yield and capital growth potential continues to provide rich yield for investors

NBAD’s Asset Management Group was named Asset Manager of the Year by the prestigious Global Investor/ISF at their 2013 Middle East Summit and Awards. It has also been named the Best Asset Management House in the Middle East by International Takaful Awards two years in a row. Other awards include Fixed Income Fund Manager by Global Investor magazine, the UAE Asset Manager of the Year in MENA Fund Manager Performance Awards from Mena Fund Manager magazine, and Best Asset Manager in the UAE, also from Global Investor.

NBAD’s Asset Management Group manages over AED 8billion, offering highly successful mutual funds that invest across industries and geographies. For example, the NBAD UAE Growth Fund and NBAD UAE Islamic Fund delivered returns of over 70% in 2013, and the NBAD 1 UAE ETF, the region’s first exchange-traded fund, delivered returns of more than 110%.

The National Bank of Abu Dhabi was recently named the prestigious international publication Global Finance the Best Bank in the UAE. The New York-based publication has also ranked NBAD in its World’s 50 Safest Banks since 2009, and the Safest Bank in the Emerging Markets.

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