NBAD fund to distribute 5.55pc dividend
Abu Dhabi, October 13, 2013
The National Bank of Abu Dhabi’s (NBAD) said its open-ended, actively managed bonds-based fund will be delivering 5.55 per cent dividend to its shareholders following the fund's impressive performance.
The NBAD Mena Bond Fund targets attractive profit rates with semi-annual distributions, said a statement from the UAE lender.
The fund will pay its investors a semi-annual distribution equal to 2.18 per cent for US dollar share class and 1.51 per cent for the dirham share class of the Net Asset Value (NAV) unit of $4.96 and Dh4.9556, being the NAV as at September 26, 2013, said the UAE lender in its statement.
Accordingly, each unit in the NBAD Fund will receive a dividend pay-out of $0.1082 dollar share class and Dh0.0749 for dirham share class.
Mark Watts, the GM, head and chief investment officer of NBAD’s Asset Management Group, said: “We are pleased to announce yet another good income figure for the fund. It had earned a total interest equivalent to $2.75 million since March 19, 2013 (the inception date) to September 26."
The fund, he stated, offers investor an effective mechanism to diversify their investments and generate income.
Ali Soner Guney, the fixed income fund manager at NBAD, said: “Our outlook for the next 12 months is positive for Mena markets and we believe that investors will comfortably outperform cash holding in 2013 as the macro outlook improves and regional liquidity remains high.”
The Abu Dhabi bank said the investors who have successfully subscribed into the fund by September 25, 2013 or prior, will be eligible to receive the dividends, he added.-TradeArabia News Service