RIYADH, 24 May 2004 — The Arab National Bank (ANB) won at a ceremony here on May 16 the award of Best Overall Fund Manager for 2003 in the Saudi Arabian Annual Investment Fund Awards. This is the second consecutive year that the bank has achieved this award.
The awards are given under the auspices of the Saudi Arabian Monetary Agency, through the Investment Products Committee, and are independently audited and verified by the Ernst and Young.
The awards are calculated on the basis of absolute performance of the investment funds managed by Saudi Banks in 13 categories.
Of these categories ANB was in first place in 5 categories and received awards in 11 categories overall. All of the funds that achieved the first place position are managed by the bank’s own Investment Services Group.
The funds that received awards are: first place-Saudi Riyal Money Market Fund (2 awards), US Dollar Money Market Fund, Saudi Riyal Trade Fund, and the US Dollar Trade Fund; second place-US Equity Fund, European Equity Fund, US Dollar Trade Fund and USD Money Market Fund; third place-Japanese Equity Fund and Saudi Riyal Trade Fund.
The Arab National Bank includes a range of Shariah compliant investment funds, which make up over 75% of its assets under management of which 2 investment funds received 4 performance awards.