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MANAMA: SICO has been named the ‘MENA region’s Fixed Income Manager of the Year’ and ‘Bahrain Asset Manager of the Year’ at the 2020 Global Investor Group MENA Awards.
The accolades are the latest received by the Bahrain-based broker and investment bank and serve as testament to its operational excellence and solid track record across the GCC region.
SICO was named among the 2020 Next 100 Global Awards in the Banking Group and Investment Banking categories.
The Next 100 Global Awards from Global Banking and Finance Review highlight some of the most exciting, innovative, and promising businesses from around the world whose achievements have transformed their respective industries.
“We are extremely pleased to have received these awards which attest to our commitment to offer the best products and services to our clients making it far less complex for them to achieve their investment goals,” said SICO chief executive Najla Al Shirawi.
“Our team of specialised and experienced, highly talented professionals has proven their abilities to offer world-class services and advice year after year, cementing our reputational excellence across the region.”
The wholesale bank’s asset management division saw its signature funds outperform its benchmark even amid volatile conditions throughout the year.
SICO’s Khaleej Equity Fund reported an increase of 2.5pc versus a 3.8pc decrease in its benchmark while the SICO Kingdom Equity Fund saw an increase of 2.6pc versus a decrease of 0.6pc in its benchmark.
Similarly, the Gulf Equity Fund saw an increase of 1.3pc versus a benchmark decrease of 9pc.
In addition, the bank’s total assets under management (AUMs) amounted to BD792.5 million ($2.1 billion) compared to BD808.7m ($2.1bn) recorded at year-end 2019.
The third quarter of the year saw AUMs increase by BD133.2m as a result of the asset management team’s active and successful fundraising and improved market performance.
The bank’s fixed income team was able to overcome the obstacles posed by the Covid-19 pandemic and enjoyed one of its most successful years to date, in terms of both growth and performance.
Its two main fixed income GIPS composites, namely the GCC fixed income composite as well the as the Sharia income composite, posted positive year-to-date returns of 4pc and 7pc respectively.
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