The insurance wrapper is a single premium investment plan which can access shares on a recognized stock exchange, mutual funds and cash. It is the only authorized offshore insurance product of its type in the UAE.
：We are extremely pleased that our unique range of Shari・a compliant funds, with their excellent track records, are now available to clients through Friends Provident・s international platform.；, commented Deon Vernooy, Head of EIS Asset Management.
：We are delighted to be able to offer EIS Asset Management funds via the insurance wrapper. It has been specifically designed to allow the greatest freedom of investment choice for international investors and their advisors by offering a true range of investment and administration options, all within the same structure. The ability to access EIS Asset Management・s excellent range of Islamic funds will add considerably to this choice.；, added FPI・s General Manager, Matt Waterfield.
The following funds which are managed by EIS Asset Management will be available on the FPI platform [Note 1]:
,,X Emirates Real Estate Fund
,,X Emirates Islamic Alternative Strategies Fund
,,X Emirates Islamic Global Balanced Fund
,,X Emirates Dynamic Liquid Fund
,,X Emirates MENA Opportunities Fund
,,X Emirates Islamic Equity Trading fund
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EIS asset management funds now available via Friends Provident International
- United Arab Emirates: Wednesday, February 27 - 2008 at 15:30
- PRESS RELEASE
Emirates Investment Services Limited, EIS Asset Management, the asset management arm of Emirates NBD, announced that Shari・a compliant funds managed by EIS Asset Management are now available via Friends Provident International・s (FPI) open architecture insurance wrapper.
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About Emirates Investment Services Limited:EIS Asset Management is a key pillar within the Emirates NBD group, which is the largest financial institution in the Middle East with assets of $62bn. EIS Asset Management operates out of the Dubai International Financial Centre, under the regulation of the Dubai Financial Services Authority. The team of investment professionals at EIS Asset Management has rapidly grown around a core of experienced managers. The 50+ strong team is made up of fourteen different nationalities, providing global insight in to our investment process and collectively bringing more than 150 years of investment experience to the company.
EIS Asset Management・s investment philosophy is centered around value investment principles and the strong belief that the acquisition of undervalued assets will deliver superior investment returns. Support for this philosophy has resulted in assets under management growing to Dhs7.0bn ($1.90bn) in just over three years, making EIS Asset Management one of the leading asset managers in the region.
About Emirates NBD
Emirates NBD is a Dubai-based banking group resulting from the merger of Emirates Bank Group and National Bank of Dubai Group. It is the biggest banking group in the GCC by assets and the biggest banking group in the UAE by market capitalization. The Group has a leading retail banking franchise in the UAE, with over 100 branches and over 430 ATMs. It is a major player in the UAE corporate banking arena, with a combined market share of almost a fifth of corporate loans. It also has strong Islamic banking, investment banking, private banking, asset management and brokerage operations.
The Group has operations in the UAE, the Kingdom of Saudi Arabia, Qatar, the United Kingdom and Jersey (Channel Islands), and representative offices in India, Iran and Singapore.
About Friends Provident:
Friends Provident Life and Pensions Limited is part of the Friends Provident Group of companies. The holding company Friends Provident plc is a member of the FTSE 100. With more than 2.5 million customers the Group employs approximately 5,000 staff in its three core businesses: UK Life & Pensions, International Life & Pensions and Asset Management.
Now in its 176th anniversary year, the business was founded on Quaker principles and aimed to alleviate the hardship of families facing misfortune. Friends Provident has embraced corporate governance and achieving high standards of corporate behaviour and accountability to both stakeholders and customers is at the heart of our business. In 2001 the company established the grant-making charity The Friends Provident Foundation with the aim to encourage new ways of thinking about how money can be used to solve a wide range of problems.
For further information please contact:
Haroon Ahmad +971 4 509 3034
EIS Asset Management
Matt Waterfield +971 4 299 5910
Friends Provident International
Posted by Eman HassanWednesday, February 27 - 2008 at 15:30 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Thu Feb 28 2008.
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