Standard and Poor’s, one of the world's foremost providers of independent credit ratings, indices, risk evaluation, investment research, data and valuations, has assigned its ‘AA’ very high quality rating to Mashreq’s Makaseb Arab Tigers Fund and its ‘A’ high quality rating to both the Makaseb Qatar Equity Fund (MQEF) and the Makaseb Emirates Equity Fund. The ratings are the only ones provided to funds managed by a homegrown entity.
“The introduction of Standards & Poor’s into the Middle East market is a milestone in ensuring clients and potential investors now have support when determining how well a fund is truly managed,” stated Imran Ahmed, Managing Director, Asset Management, Treasury & Capital Markets, Mashreq.
Standard & Poor’s report highlights the Makaseb funds’ “well defined investment approach” and gives a vote of confidence to the group with the mention of its “clear commitment to transparency and best practices.”
Standards & Poor’s Fund Management Ratings are used as a selection tool by many of the world’s leading institutional and private client investors. By assigning ratings to no more than 20% of funds within each sector, investors and their advisors have the confidence that they are choosing quality funds that best meet client requirements.
“At Makaseb we work to consistently exploit opportunities in the market in order to offer world-class banking services that exceed our customers' needs and expectations. The fact that ours was the only fund focused on Qatar to get rated highlights our commitment and success in achieving this,” continued Ahmed. “Makaseb intends to protect its competitive position in the region and to continue growing along with the economy, focusing on the superior and consistent performance of its Funds.”
The Makaseb Arab Tigers Fund has a distinguished track record and has provided year to date return in excess of 28% while maintaining a significantly low risk profile. The Fund is denominated in US dollars and aims to achieve long term capital growth by investing primarily in equities listed in the thirteen Middle Eastern and North African countries.
The Makaseb Qatar Equity Fund is denominated in US dollars which aims to achieve long term capital growth by investing primarily in equities listed on the Doha Securities Market (DSM). The MQEF has provided a year to date return of 41.6%, outperforming its benchmark by 4%.
The Makaseb Emirates Equity Fund is denominated in US dollars and invests in equities listed in the equity markets on the United Arab Emirates. Year to date the fund has delivered return in excess of 41% while comfortably outperforming the benchmark MSCI UAE domestic index by 6%.
Standard & Poor's considers Makaseb a systemically important fund manager and the ratings testify to its strong financial profile and robust investment process and management approach.
Mashreq is the largest privately owned bank in the UAE with total assets of US$ 13,6 billion. Makaseb is a wholly owned subsidiary of Mashreq and has been at the forefront of opening up opportunities for investors in the Middle East. Its expertise has made our mutual funds and services, the vehicles of choice for sophisticated investors, both domestic and international. The Makaseb family of funds' structure, complemented by our investment expertise has contributed to this success. Our business practices endeavor to achieve the highest fiduciary standards applicable to the asset management business globally.
For further information, please contact:
Associate - Marketing & Development
Treasury and Capital Markets, Mashreq
Tel: +9714 207 8535
Gulf Hill & Knowlton
Tel: 04 334 4930