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Nov 1, 2015 | 11:09 | Abu Dhabi
Sunil Kumar Singh
NBAD global asset management is planning to launch two mutual funds, one fixed income and the other equity, with focus on emerging and frontier markets next year, a senior official of NBAD’s global asset management has said.
“Our most recent addition is the Frontier Markets Fund concentrated on Asia and Africa. We’re also going to be launching a Fixed Income Fund early next year that homes on emerging markets and frontier space. Additionally, we’ll be looking at launching an Emerging Markets Equity Fund as well, possibly in Q2 next year. We’re still finalizing on the fund size, and we already have approval from authorities in place for these two funds,” Saleem Khokhar, Head of Fund Management, Global Asset Management (GAM), NBAD, told Wealth Monitor.
“We’re in an environment where IMF has lowered the forecast for global growth. There’re some headwinds that are being faced, and so we believe having some exposure to income funds becomes important at this point of time,” he said when asked if it is the right time to go for fixed income funds at a time when the US Fed is about to raise rates.
Last week, NBAD Shariah MENA Dividend Leader Fund had announced a semi-annual dividend of over 3% for the period from April 1 this year to September 30. NBAD’s Global Asset Management manages assets in excess of AED 8.4 billion, making it one of the largest of its kind in the UAE.