The National Bank of Abu Dhabi (NBAD) has appointed Mark Watts as the new head of Fixed Income as part of its plans to strengthen the Asset Management Group’s (AMG) team.

Before joining NBAD's asset management group, Watts worked at European Finance House, a London-based Islamic bank, where he founded the asset management function and served as the head of asset management.

In this role, Watts had launched the first European-based Sukuk fund, the first fund in the market to focus entirely on Islamic credit, the NBAD said in a statement.

In addition, he oversaw the innovation of an Islamic Liquidity fund structure and worked on establishing both Shari’a compliant real estate and equity funds.

Watts has 23 years of investment experience in senior roles in London and the US, where he worked for prominent blue chip investment houses such as Aviva and Barings, managing assets for central banks and prominent institutions across the globe.

"The NBAD has ambitious plans for broadening the range of investment products and services that we offer. Watts brings in a wealth of experience and expertise in fixed income, both globally and locally," said Alan Durrant, AMG chief investment officer.

"We conducted an exhaustive international search for a seasoned fixed income investor with a first-rate track record and a deep understanding of local markets and are delighted that Watts is on board," he noted.

“We see a lot of opportunities in the fixed income area and believe it can provide a useful diversification from equities and real estate and a better return than cash. I am looking forward to working with him in developing new products,” he added.

NBAD’s AMG manages assets of about Dh5.2 billion, making it one of the largest of its kind in the UAE. It introduced the region’s first Exchange Traded Fund (ETF), 1UAE Share, which began trading in the Abu Dhabi Securities Exchange (ADX) on March 25.

On his appointment, Watts said, “I'm very excited to join NBAD's asset management team. NBAD has an excellent reputation both amongst its clients and also across the wider international market."

 “Over the coming months we will be responding to our clients’ demands and offering a range of products, both conventional and Islamic, that cater for investors who require an enhanced level of income whilst sheltering them from excess volatility."

"Both institutions and individuals alike will benefit from allocations to Fixed Income, which is a core investment in other markets, but has been largely absent to date in the region. We are now offering a service to our clients that will help to change that," he added.-TradeArabia News Service