BNY Mellon has been selected as custodian for Chimera Capital’s exchange-traded fund (ETF) tracking index, the first of its kind in the UAE.
Launched with S&P Dow Jones Indices, the Chimera S&P UAE Shariah ETF will have both distributing and accumulating share classes listed on the Abu Dhabi Securities Exchange and the Dubai Financial Market.
While the fund will be managed by Chimera Capital, BNY Mellon’s London office will act as global custodian, while HSBC Middle East acts as local custodian.
A Chimera Capital representative explained: “The Chimera S&P UAE Shariah ETF allows investors to capitalise on the prospects of the UAE’s economy, with the added flexibility of choosing between regular portfolio returns or maximising future investment returns thanks to the ETF’s dual share class option.”
Anthony Habis, head of Middle East and Africa at BNY Mellon, added: “We are honored that Chimera Capital has appointed BNY Mellon as global custodian for this innovative new fund, which is not only the first Securities and Commodities Authority umbrella fund, but the first SCA ETF.”
