Northern Trust has been selected to provide global custody, fund valuation and accounting services to Muscat Capital, the Saudi Arabia-based investment banking arm of Bank Muscat, the largest commercial bank in Oman.
The mandate covers the Saudi equity fund the Muscat Capital IPO fund, which is benchmarked to the Muscat Capital IPO Shari’ah Index. The fund is primarily aimed at investors in Saudi Arabia.
Northern Trust is securing a growing number of clients in the Gulf Cooperation Council (GCC) states. About 60 percent of GCC government pension funds and 50 percent of GCC sovereign wealth funds are now Northern Trust clients.
Abdulwahed Al Murshidi, CEO of Muscat Capital, said: “Northern Trust’s ability to offer tailored solutions for the Gulf region as well as its proven expertise in supporting Saudi institutions through its local presence in Riyadh, were among the key factors in their selection.”
Michael Slater, Northern Trust’s country head for Saudi Arabia, added: “We understand that sophisticated institutions like Muscat Capital require customised solutions to meet their evolving requirements in this dynamic market, in particular the ability to innovate and offer asset servicing solutions around the Middle East’s working week.”
“Our presence as part of the business community in Saudi Arabia, underpinned by long-standing expertise as a provider of these services ensures we are well-placed to continue providing exceptional service to clients in the region.”
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