Mashreq, one of the UAE’s leading National financial institutions, won three top awards at the MENA Fund Manager Performance Awards organized by MENA Fund Manager Magazine. The bank was awarded Newcomer Fund of the Year award, Fixed Income Fund of the Year award, and UAE Asset Manager of the Year award.
“We are honored to receive these accolades from MENA Fund Manager Magazine,” said Abdul Kadir Hussain, Chief Executive - Mashreq Capital. “The awards are a direct recognition and testimonial to the fund’s performance and the hard work of the investment team. Year on year, we strive for improvement, to break new boundaries and further goals, to ensure that our customers get products and services that are innovative yet serve their needs. These Awards are proof that we are one step closer to accomplishing our goals.”
The ‘The Newcomer Fund of the year’ Award was given to Mashreq Al Islami income Fund, for having the highest risk adjusted returns. This fund has returned 9.28 % in 2010 against a target return of 5-7 % and is up by 15.6% since its inception in June 2009. The Fund invests primarily in Sukuk and other fixed income Sharia’h compliant assets.
‘The Fixed Income Fund of the Year’ award was given to the Makaseb Income Fund. “The Makaseb Income Fund was clearly the outstanding performer in this category,” said the judges, “achieving double digit returns”. The Fund was selected as the best performing fund in terms of return and it has outperformed its benchmark along with its peer group. It has returned 12.08% in 2010 versus the benchmark return of 10.33% and has achieved a return of 41.4% since its low point in 2009 in the GCC, MENA, South Asia and other emerging economies.
‘The UAE Asset Manager of the Year’ was given to Mashreq Capital as the fund has either met or outperformed the benchmarks and other Manager funds in its peer group. According to judges; Mashreq performed across numerous strategies and cemented its reputation in a very tough market.