NBAD & ICBC (Asia) Partners To Expand Channels
The National Bank of Abu Dhabi (NBAD), the Number One Bank in the United Arab Emirates (UAE), has partnered with ICBC (Asia) Investment Management Company Limited (ICBCAIM), the overseas investment management arm of the ICBC Group, to jointly facilitate the marketing of their respective investment capabilities through their distribution channels.
Under a Memorandum of Understanding (MoU) between NBAD and ICBCAIM, the Bank would facilitate the marketing and distribution of ICBCAIM’s private equity and fixed income products in the UAE by introducing ICBCAIM funds to NBAD’s distribution networks. While ICBCAIM would introduce NBAD’s Cautious Income Fund and the Dividend Leader Fund through ICBC’s distribution channels.
Jack Chang, CEO of ICBC (Asia) Investment Management said during the signing ceremony: “ICBC (Asia) Investment Management places high importance in our cooperation with NBAD given the fast growing trade and investment flow between the Gulf region and China. Our parent company ICBC Group is currently expanding its network in the Gulf region and we expect significant increases in capital flow between the two regions. The cooperation between ICBC (Asia) Investment Management and NBAD will allow our institutions to be at the forefront of a fast developing market.
“This partnership allows us to expand the reach of our investment products, especially in Hong Kong which is the centre of Asian commerce and the international gateway to China,” says Alan Durrant, the Group Chief Investment Officer and General Manager of NBAD’s Asset Management Group. “NBAD offers a range of innovative and distinguished investment vehicles and we would like to expand our channels of distribution, particularly in the growing markets of Asia. In the past few years, investors have generally been cautious; still, investors’ trust in the market is gradually recovering. Given the diversity of investors’ appetite, we believe the Cautious Income Fund and Dividend Leader Fund, which offer attractive dividends with low level of risk, would be well positioned in Asia.”
NBAD Cautious Income Fund is an open-ended fund that invests in a range of bonds and money market instruments predominantly in the UAE and the wider GCC region. Launched in September 2011, the Fund recently distributed semi-annual dividend of 1.97% making an annualized yield of 3.44%.
At present, NBAD plans to launch the Dividend Leader Fund which allows investors to participate in capital appreciation of blue chip Mena equities.
NBAD’s award-winning Asset Management Group manage assets in excess of AED5 billion, making it one of the largest of its kind in the UAE.
NBAD’s Asset Management Group was named Fixed Income Fund Manager of the Year in 2012 by Global Investor Magazine. Other awards include the Best Asset Management House in Middle East for Islamic products at the International Takaful Awards, the UAE Asset Manager of the Year in MENA Fund Manager Performance Awards from Mena Fund Manager magazine, and Best Asset Manager in the UAE in 2011, also from Global Investor.
ICBC (Asia) Investment Management Company is part of the ICBC Group. ICBC Group is the largest bank in the People’s Republic of China and the largest bank in the world by market capitalization. It has the largest depositor base in China as well as the largest number of corporate and high net worth clients. ICBC Group has also expanded rapidly during the last several years and now has one of the largest international networks among all the Chinese banks. ICBC Group is also the leader in establishing strategic and business cooperation with the various overseas government and institutional organizations. ICBC Asset Management is one of the largest institutional asset managers in China with more than USD 140 billion in assets under management. ICBC (Asia) Investment Management is the principle international platform of ICBC Asset Management and a pioneer in managing a variety of asset classes including sizable offshore fixed income investments in Hong Kong for institutional clients such as sovereign wealth funds and high net worth clients.
Emirate: Abu Dhabi
Date: Feb 13, 2013
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