Ashmore Group has mandated HSBC Saudi Arabia as its local custodian, as it bids to become one of the first asset managers to be approved to invest in Saudi Arabia’s stock market, the Tadawul.
HSBC Saudi Arabia also helped to facilitate Ashmore’s qualified foreign investor (QFI) licence application, after the Saudi Arabia Capital Markets Authority opened the Saudi market to qualified institutional investors in June.
The local custodian worked with Ashmore’s global custodian, Northern Trust, to process the QFI licence application.
Arindam Das, head of securities services in the Middle East and North Africa at HSBC, said: “Ashmore’s success in being one of the first fund managers to achieve QFI status to invest in Saudi demonstrates its commitment to emerging markets and we are delighted to be its local partner in Saudi Arabia."
"The market opening will not only enhance diversity and liquidity, but it will also improve market efficiency, transparency and corporate governance.”
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