Asset management - an evolving industry in the region
Makaseb Asset Management, of Mashreq, is the proud and active Platinum Sponsor of the three-day Funds World Middle East Conference which opened yesterday (05/06/06) at Dubai's Mina A' Salam Hotel.
Nabeel Waheed, Division Head of Treasury & Capital Markets at Mashreq and Chairman of Makaseb Asset Management, the main sponsor of the event, said the forum offers valuable and much needed insights into the Middle East economies. "Financial markets in the region offer huge potential, but still have some way to go before reaching the status of a developed market. Fund managers also need to appreciate that western models do not always apply here. There are often different financial dynamics involved and the region needs to evolve its own set of best practices" said Waheed.
The Institute of International Finance (IIF) has forecast that the region will this year expand its aggregate GDP by more than a third over last year. Fuelled by higher oil prices, it estimates that foreign assets will grow by more than $360 billion.
"When a market does well it draws in inexperienced investors who follow the herd. Such investors who lost money during the recent downturn need to appreciate the inherent risk of investing in shares. Professionally managed mutual funds are less risky due to professional management and their diversified portfolio approach," said Waheed.
Despite the recent market downturns Makaseb Emirates Equity Fund has achieved a market-leading growth of 35.91per cent since inception 16 months ago, out performing its peers and beating the market index by 16.35 per cent.
Makaseb Asset Management is the asset management arm of Mashreq which, since February 2005, has launched a series of mutual funds investing in the region.
Issued on behalf of Makaseb Asset Management by Matrix PR. For further information please contact Jack Pearce or Huda Baseer on Dubai (+9714) 3430888;