Nassau-based New Providence Income Fund (NPIF), one of several funds managed by Sterling Financial Group, has been named best fixed income mortgage-backed fund since inception by Acquisitions International (AI), the UK-based magazine publisher.

Sterling’s NPIF took top honors in the fixed income category of a specific array of hedge funds with some 15,000 hedge funds competing for a place in various arenas. NPIF was among those cited by AI’s award programme in conjunction with Barclay’s.

“This is truly a prestigious honour and speaks well not just for Sterling and the New Providence Income Fund, but for The Bahamas as a fund headquarters from which to reach markets around the world,” said David Kosoy, chairman and CEO.

This is the fourth year AI has presented the awards.

“The hedge fund industry has evolved at a dizzying pace over the course of the last decade, and with it, the demand for increasingly innovative strategies and the desire for speedier and more secure returns,” said a statement from AI.

“With these awards, we get to shine the spotlight on some truly phenomenal firms and individuals who have excelled in this highly competitive industry,” said awards coordinator Peter Rujgev.

“It is a great honour to recognise Sterling Financial Group Inc. for this achievement, and we wish them even greater success in the future. The awards are given solely on merit and are awarded to commend those most deserving for their ingenuity and hard work, distinguishing them from their competitors and proving them worthy of recognition.”

Managed by its parent company, Sterling Financial Group in Nassau and the Cayman Islands, NPIF is a mortgage fund invested in key jurisdictions across the globe with strategic emphasis on real estate.

While this is the first of an AI Barclay-named award, the Sterling mortgage fund has been ranked number one on the Sharpe Index for safety and security for the last three years.

According to Stephen Tiller, president and COO, choosing projects and partners carefully are key ingredients in the art of funding.

“It’s about choosing the right projects to back, the right partners to deliver those projects on time and within budget, and rewarding a limited number of private investors so that they enjoy the returns they deserve,” said Tiller.

The real estate fund delivered a 14.53 per cent return to investors for the year ended December 31, 2014, the year for which the Fund was awarded, though the announcement was just made in January.

Unaudited 2015 results show a return of 13.8 per cent. Kosoy believes that with AI’s, Barclay’s endorsement of the Fund’s performance, The Bahamas will enjoy indirect benefits through higher employment and global recognition.

“Now with AI and Barclay’s recognizing Sterling’s New Providence Income Fund as best fixed income mortgage-backed fund since inception, we expect even more projects seeking funding will be presented for review, but we will maintain the same careful standards in selection that won this award for us and the confidence of our shareholders. Because we are based here, we hope that this recognition will mean even more exciting times and additional boutique growth for The Bahamas. We believe that the Family Islands, in particular, are ripe for right-sized sustainable development that will create a new image of The Bahamas to the outside world. We look forward to being part of that movement.”