National Bank of Kuwait (NBK), the highest rated bank in the Middle East, was recognized as best provider of money market funds in the Middle East by top financial magazine Global Finance.

This accolade comes as a result of the performance of Watani KD Money Market Fund, which is managed by NBK Capital, a statement said.

NBK is the only Middle East and Arab bank to be enlisted among the world’s best providers of money market funds along with major international financial institutions such as J.P. Morgan Asset Management, Standard Bank, and DB Advisors, it added.

Global Finance said that the reason for the recognition is that “the fund posted strong cumulative and annualized returns well above industry benchmarks since the fund was started.”

“We are very proud to be recognized as the leading providers of money market funds in the Middle East region,” said Nabil Maroof, managing director of asset management at NBK Capital.

“This recognition comes following the exceptional performance of our Ijara funds and equity funds for 2010, and helps establish NBK Capital as the leading destination for regional investors,” he added. – TradeArabia News Service