State Street has been appointed to service NCB Capital’s first ever UCITS platform in Ireland.
State Street will provide a range of fund administration and custody services including; fund accounting, financial reporting, shareholder services, transfer agency, trustee and global sub-custody.
NCB Capital, Saudi Arabia's largest wealth manager is the first Saudi institution to establish a non-Saudi registered range of funds in Ireland.
The firm is launching two funds on this new platform—the NCB Capital Saudi Arabian Equity Fund and the NCB Capital GCC Equity Fund.
The objective of the two funds is to generate long-term capital growth by investing in listed companies in the Saudi Arabian and Gulf Co-operation Council (GCC) markets, in line with shariah guidelines and UCITS regulations.
The two shariah-compliant funds will be marketed internationally in conjunction with Amundi and will focus on institutional investors in Europe and Asia.
The firm already manages the world's largest shariah-compliant family of funds and the world's largest shariah-compliant fund with AUM of $3.93 billion.
Jawdat Al Halabi, CEO of NCB Capital, said: "International investors are increasingly looking for new growth opportunities and nowhere are those better reflected than in the strong companies and sectors that we track in Saudi Arabia and across the Gulf region."
"With our local knowledge and significant presence we are a natural gateway for international access to a dynamic new market."
Rod Ringrow, senior vice president and head of State Street’s Middle East business, said: “We recognise NCBC’s need to find partners that can help them grow their business in new markets. I believe we have the expertise and solutions to support them as they expand further into European markets.”
