MUSCAT, 01 April 2014 – Bank Muscat, the flagship financial services provider in the Sultanate, has won the Best Asset Manager award by Emeafinance. The Emeafinance awards in recognition of excellence in banking across the Middle East region were presented at a ceremony in Dubai attended by senior bankers.
Abdullah Al Hinai, DGM – Investment Banking & FIG, said: “With $1.32 billion assets under management (AUM), Bank Muscat Asset Management is the biggest wealth manager in Oman as well as a leading player in the region. The dominant position endorses the performance of various funds under the mandate of Bank Muscat Asset Management and also the proven ability of the fund managers in challenging situations. Time and again, the performance of Bank Muscat Asset Management has been lauded by the global banking community and we are delighted to receive yet another endorsement from Emeafinance reflecting the consistency of performance of the funds and the innovative strategies which have cemented its reputation in a tough market."
In 2013, the Asset Management division delivered outstanding returns on all funds and portfolios managed by it. The Oryx Fund (GCC equities) with a return of 47.9 per cent was ranked as the best performing GCC fund by Zawya for the year 2013. The Muscat Fund (Oman equities) generated a return of 21.9 per cent for the year. The fixed income portfolios also generated positive returns. The Money Market Fund with a yield of 1.00 per cent continues to offer an attractive alternative to the call and short-term deposits.
During the year, the Asset Management division expanded its activities and launched new products - a dividend yield portfolio, a GCC Property Income Fund that invests in properties offering regular cash yield, and through the bank's subsidiary Muscat Capital in Saudi Arabia the Makkah Income Generating Fund for Saudi investors offering an annual target return of 8.5 per cent by investing in a property in Makkah. The Asset Management division plans to add new products and widen its client base targeting institutions in the GCC, Europe and the UK.