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The National Bank of Abu Dhabi (NBAD) has launched the “West-East Corridor (WEC) Africa & Asia Frontier Market Fund”, a foreign fund domiciled in Ireland that will offer investors attractive returns by investing in diversified portfolio of Africa and Asia market equities.
Alex Thursby, NBAD’s Group Chief Executive Officer, said: “NBAD’s WEC Africa & Asia Frontier Market Fund complements the Bank’s existing suite of investment product offerings. It is in line with NBAD’s Global Asset Management strategy to expand our presence in the West-East Corridor and enable investors to tap into the best opportunities across these markets.”
Claude-Henri Chavanon, Managing Director & Head of Global Asset Management at NBAD, said: “We have been witnessing demand from investors to add West-East Corridor markets to their portfolios, and we want to offer investors a product which allows them to capture higher returns, while taking measured levels of risk. With the newly launched fund, our clients have access to frontier markets. These markets have a low correlation with emerging and developed markets and provide investors with an opportunity to diversify their portfolios and to potentially offset downturns in other markets.”
NBAD’s WEC Africa and Asia Frontier Market Fund is an open-ended, actively managed product. It is open to institutional and individual retail investors.
The Fund invests in liquid large and mid-cap company stocks in select Frontier Markets, excluding GCC. It provides investors easy access to otherwise difficult-to-access markets and the ability to tap into strong, growth companies which offer capital appreciation potential and have the potential to deliver attractive and consistent levels of income. The Fund will invest in bourses of Kenya, Tunisia, Mauritius, Morocco, Nigeria, Bangladesh, Lebanon, Jordan, Vietnam, Pakistan and Sri Lanka.
NBAD’s Global Asset Management manages assets in excess of AED 10 billion, making it one of the largest in the UAE. The Group has won a number of awards over the last few years in recognition of its innovative, customer-centric products which continue to perform exceptionally. For example, NBAD was awarded Best Fixed Income Fund by Banker Middle East UAE Product Awards 2015. NBAD’s Global Asset Management has also received four prestigious awards at the MENA Fund Manager Performance Awards 2015, recognising NBAD Onshore MSCI UAE UCITSETF as the ‘Best Exchange Traded Fund (ETF)’, NBAD Shariah MENA Dividend Leader Fund as ‘Best New Fund’ for’ and NBAD UAE Growth Fund as ‘Best UAE Fund’. In addition to ‘Best MENA Fund under $50 Million’ which went to NBAD Islamic MENA Growth Fund. NBAD’s Global Asset Management also won in the last few years, The Best Islamic Fund by Global Islamic Finance Awards 2014 and Asset Manager of the Year by the prestigious Global Investor/ISF at its Middle East Summit and Awards 2013. It has also been named the Best Asset Management House 2013 by the International Takaful Award and Best Exchange Traded Fund of 2013 at the MENA Fund Manager Performance Awards, as well Best Sukuk Fund 2013 at the Islamic Business & Finance Award.