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Markaz and Gulf Bank announced today the signing of a distribution agreement by which Gulf Bank will act as a Selling Agent of Markaz investment funds through its Priority Banking network located in selected branches throughout the country.
Manaf Alhajeri, Chief Executive Officer of Markaz said, “We are glad to be offering our investment products to Gulf Bank’s Priority Clients, our various funds are suited to meet investors' needs in this rapidly changing and challenging investment climate. Gulf Bank is a leading financial services provider with a large network of branches. We think this agreement will help Markaz reach a wider base of investors.”
Michel Accad, Chief Executive Officer & Chief General Manager of Gulf Bank said, “We look forward to working with Markaz and distributing their award-winning investment products to our customers. This agreement is the culmination of a long mutual understanding between the two institutions and highlights Gulf Bank’s commitment towards offering our clients a wide range of investments products to suit their needs and build their wealth.”
The agreement will commence with the marketing of two unique investment products to Gulf Bank’s Priority Banking Clients, the products are: Markaz Real Estate Fund “MREF” and Markaz Fund for Excellent Yields "Mumtaz".
MREF is an income generating and Shari'ah-compliant fund that invests in real estate properties within the State of Kuwait. It has achieved 10.2% CAGR, making it the highest performing fund in its class. MREF was established in 2002 and its net assets of KD26.8 million are invested across a diverse real estate portfolio. The fund distributes stable monthly cash returns of 7% on the par value per annum, or 5.8 fils per share per month. Subscription and redemption are monthly/bi-annually, respectively. The NAV as of April 30, 2010 is KD1.327.
"Mumtaz" is a multi-award winning and actively managed Kuwaiti equities fund. Its objective is to outperform the KIC index. It has achieved 22.0% CAGR since inception in 1999. Its net assets are worth KD65.6 million and the fund's investment decisions rely heavily on research driven top-down considerations. Subscription and redemption are weekly. The Net Asset Value (NAV) as of May 31, 2010 is KD4.017.
Markaz’s experience in real estate and asset management extends back to more than three decades. Today, Markaz is the leading fund manager in Kuwait in terms of market share.
Gulf Bank Personal Bankers are available on Priority floors at the following branches: Adan, Audiliya, Dahiyat Abdullah Al Salem, Fahaheel (Alghanim Electronics), Fahaheel (Nayef Al Dabbous Complex), Farwaniya, Jabriya, Mubarak Al Kabeer (Head Office), Nuzha, Salmiya (Co-op), Shaab, Sharq, Al-Mansouriya, Surra, Shuwaikh Main and Shuwaikh Port, or call 1 805 805 to arrange for a personal visit by a Gulf Bank Personal Banker.
Photo Caption: Manaf Alhajeri – CEO of Kuwait Financial Centre “Markaz” and Michel Accad, CEO & CGM of Gulf Bank
About Markaz:Kuwait Financial Centre 'Markaz', with total assets under management of over KD921 million as of March 31, 2010, was established in 1974 has become one of the leading asset management and investment banking institutions in the Arabian Gulf Region. Markaz was listed on the Kuwait Stock Exchange (KSE) in 1997.
About Gulf Bank:Gulf Bank was established in 1960 and has progressed to becoming an industry-leading financial services provider complemented by a large network of 51 branches strategically positioned in key locations in Kuwait. The main groups of the Bank are Retail, Corporate, Treasury and International Banking.
For further information, please contact:
About Markaz Fund for Excellent Yields "Mumtaz":
Fund Objective: To achieve long term capital appreciation through investing in blue-chip companies listed on the KSE.
Awards and Ratings:
Winner of five Lipper Fund Awards: 2010, 2008, 2007.
Winner of Kuwait Equity Fund of the Year Award from MENA FM: 2010.
"A" Rating from Standard & Poor's: 2009-2011.
Fund Performance:
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