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Dubai: ICICI Prudential took top honours, winning the prestigious 'Best Overall Fund Group' Award at the annual Gulf Fund Awards at a ceremony held in Dubai on Tuesday evening.
Lipper, a Reuters company, on Tuesday announced the winners of the second edition of its annual Gulf Fund Awards. Funds and fund groups that have delivered consistently superior investment performance were recognised for their achievements.
Dunny Moonesawmy, Lipper's Head of Research for Western Europe and the Middle East, said: "Faced with a spectacular downturn during the second half of 2007, fund managers had to surpass themselves to outperform their peers while keeping risk within reasonable budget. Thus, Lipper Fund Awards winners in 2008 deserve to be congratulated for delivering the best risk-adjusted return according to our methodology which praises consistent return over time".
Global programme
Lipper Fund Awards event in Dubai is part of Lipper's global programme of fund awards, which now covers 21 countries and regions.
Last year, Lipper launched its Gulf Fund Database and a significantly enhanced version of Hindsight, its leading Windows-based fund performance desktop tool for analysing Middle East and North Africa funds, as well as Asian, European, US, and offshore funds.
Lipper is the world's leading fund research and analysis organisation. It provides the free Lipper Leader ratings for mutual funds registered for sale in 27 countries.
The leading funds within Lipper's Islamic fund categories were recognised. Trophies were presented to the one year performance winners within specified categories.
Additional fund winners in the smaller categories (by overall assets under management) received certificates. Two Gulf Countries Islamic funds promoted by Samba (Samba Al Raed GCC and Samba Local Shares Trading -Al Raed) received a trophy and a certificate respectively. Riyad Global Equity (Musharaka) Fund took two different certificates.
Scorecard
Some of the winners
Fund Group Award
- AllianceBernstein Best Bond Fund Group
- Reliance Best Equity Fund Group
- UTI Best Mixed Assets Fund Group
- ICICI Prudential Best Overall Fund Group
Best Funds Over One Year
- Equity Europe Alfanar Europe A Permal
- Equity GCC (Gulf Coop Cncl) Samba Al Raed GCC Samba
- Equity Global Solidarity Global Growth Solidarity
- Equity Kuwait Markaz Islamic Kuwait Financial Centre "Markaz"
- Equity North America Al Madar US Index Al Madar Finance & Investment
Best Funds Over Three Years
- Equity Global Riyad Global Equity (Musharaka) Riyad Bank
- Equity Saudi Arabia Sabb Amanah Saudi Equity Saudi British Bank
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