Emirates Financial Services (EFS), the domestic investment banking arm of the Emirates Bank Group, has added two new products to its fund range offering the first alternative investment opportunities of their kind in the UAE region. They are available to both institutional and individual investors.
Anis Al Jallaf, managing director and chief executive of Emirates Bank Group, told the local press: 'Interest rates have been falling progressively in the US and Europe, and we predict a further drop in the US shortly. Nor is there any likelihood of any trend reversal over the next six months.' Therefore, he explained, alternative investment vehicles with a high yield would be an appealing way to invest excess funds in fairly short-term portfolios.
The first fund, entitled 'Money Market (Monthly Deposit) Portfolio', attempts to acquire a high fixed yield in global money markets with a daily fixed interest rate applied to the deposit. Funds can be withdrawn or deposited each month and offers a 'loyalty bonus' if the investor maintains the fund for six months in succession. The second fund is the Global Sovereign and Bank (Income) Portfolio, which invests in bonds and fixed-income vehicles. The fund offers a fixed yield of interbank interest rates and 50 additional basis points. EFS general manager, Suresh Kumar, explained that both funds are open-ended with a minimum investment level of Dh100,000.
'We are confident of outperforming this level, and any excess will be split equally between the customer and EFS through a 0.5 per cent per annum management fee. We have been investing on our own account over US$200 million in the global fixed income markets since 1989, and have consistently been achieving returns of Libor plus 140-170 basis points,' said Kumar.
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