HSBC Saudi Arabia Limited, 40 per cent owned by the Saudi British Bank (SABB), has won two MENA Fund Manager Awards.

The bank won the Fund of Funds of the Year for its HSBC Amanah Multi Assets Growth Fund and the Sector Fund of the Year for its HSBC Amanah Saudi Industrial Companies Fund. Both awards were received based on the funds’ performance in 2010.

The HSBC Amanah Multi Assets Growth Fund (AGP) is an open ended Investment Fund which aims to achieve, over the long-term, capital growth through exposure to a diversified selection of global, emerging, regional and local equity markets funds. The fund also invests in Shariah-compliant money market and fixed income funds.

The HSBC Amanah Multi Assets Growth Fund achieved a return of 8.88 per cent during 2010 while its two years cumulative return was 38.41 per cent.

The HSBC Amanah Saudi Industrial Companies Fund is also an open-ended investment fund with the aim to achieve, over the long-term, capital growth by investing in a diversified portfolio of Shariah-compliant equities of industrial companies listed on the Saudi stock market.

The fund’s one year return was 17.58 per cent while its two years cumulative return was 72.57 per cent as at December 31, 2010.

“We combine our local market knowledge with HSBC’s global investment expertise to deliver optimal investment solutions to our clients, and our product range is geared to ensure that investors with different risk profiles are able to select a fund that matches their investment needs,” stated Osamah M Shaker, managing director & head of Investments.-TradeArabia News Service