Benjamin Bird, Head of Product Development, S&P Fund Services, said:

"There is considerable demand from asset managers, investors and advisers in the Gulf for interview-based, forward-looking fund management ratings. Our ratings and analysis have been long used in the European markets as a tool to help manager and fund selection, and we look forward to building on these foundations."

"There is currently a lack of qualitative fund information in the Gulf and we believe the S&P brand, with its core values of transparency, objectivity and credibility, is one which will resonate with the investment community in the Gulf."

The new Gulf-based funds rated by S&P Fund Services are mainly domiciled in Bahrain, Bermuda and Oman, and are targeting Gulf-based investors (institutional, HNW, family offices). Some are seeking European- and/or US-based investors. The funds reviewed represent a fairly broad and comprehensive sample, in terms of areas of investments (some invest in the broader MENA region, some in the GCC or in single countries/sectors), and experience levels of the management teams. They are all actively managed.

Roberto Demartini, lead analyst, S&P Fund Services, observed that:

"The Middle East asset management industry is currently setting the foundations for its future development. The industry is growing quickly and is expected to do so for the foreseeable future. Our first exposure to the industry has been very positive, with 10 funds covered, of which four achieved a AA rating and six achieved an A rating. We identified asset management firms that fully met our high standards in terms of quality of investment process and minimum levels of experience of personnel."