_36.jpg)
Markaz “Mumtaz” and “Islamic” Funds win two Lipper-Reuters Awards Kuwait Financial Centre “Markaz”, one of the Middle East’s leading investment banking and asset management companies, announced that Markaz Fund for Excellent Yields "Mumtaz" and for Markaz Islamic Fund have received two awards for best performance.
Markaz “Mumtaz” and “Islamic” Funds win two Lipper-Reuters Awards Kuwait Financial Centre “Markaz”, one of the Middle East’s leading investment banking and asset management companies, announced that Markaz Fund for Excellent Yields "Mumtaz" and for Markaz Islamic Fund have received two awards for best performance. The two awards are, respectively, Best Equity Fund in Kuwait- 5 years and Best Islamic Equity Fund in Kuwait- 1 year. In 2007, “Mumtaz” previously won two Lipper Reuters Fund Awards for best performance. The two awards are Best Equity Fund in Kuwait- 3 years and Best Equity Fund in Kuwait- 5 years. The Lipper Fund Awards program highlights funds that have excelled in delivering consistently strong risk-adjusted performance, relative to peers. The Awards are granted to funds across 21 countries in Asia, Europe, and the United States. Winners of this award include world class companies and financial institutions. Mr. Mohamed Al Saad, Senior Trader– Local and GCC Investments represented Markaz in the Lipper Awards ceremony that took place on Tuesday 01 April 2008 at Jumeirah Emirates Towers, Dubai. The ceremony was attended by a large and distinguished gathering. Markaz Fund for Excellent Yields "Mumtaz" was launched in 1999 and was the first mutual fund to invest in listed companies in the Kuwait Stock Exchange. The NAV has shown exceptional growth cumulating to 1254% since inception and an average of 36.9% per year. Markaz Islamic Fund was established in 2003 and has posted absolute returns of 236% cumulative and 31.4% CAGR since inception. Attractive features of the open-ended Funds include a low minimum subscription and weekly subscription and redemption. In addition, subscription is open to all nationalities. Ms. Amani Al Omani, Senior Vice President– Local and GCC Investments, who heads the department, said the Funds are managed by an experienced team, whose decision making is research-driven. "I would like to thank our clients for their trust, which is a major contributing factor to our success. The team’s hard work, continuous efforts and implementation of a well studied & dynamic investment strategy in response to market conditions are other factors accountable for our success" said Ms. Al Omani. Al Omani added that such awards create a healthy competitive vibe amongst companies, which is beneficial for investors. Al Omani concluded by thanking the team in the Local and GCC Investments department, Markaz staff, as well as the Board of Directors for their continuous support. Kuwait Financial Centre 'Markaz', with total assets under management of over KD1.4 billion as of December 31, 2007, 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; and was recently awarded a BBB+ corporate rating by Capital Intelligence Ltd. -Ends- Photo Caption: Amani Al Omani – Senior Vice President, Local & GCC Investments