Northern Trust has won a mandate from Muscat Capital, the Saudi Arabia-based investment banking arm of Bank Muscat, the largest commercial bank in Oman. Northern Trust will provide global custody and fund valuation and accounting services for its Saudi equity fund, the Muscat Capital IPO fund, benchmarked to the Muscat Capital Saudi IPO Shari’ah Index.
Said Abdulwahed Al Murshidi, CEO, Muscat Capital LLC: “Northern Trust’s ability to offer tailored solutions for the Gulf region as well as their proven expertise in supporting Saudi institutions through their local presence in Riyadh, were among the key factors in their selection.”
Northern Trust says this mandate adds to its growing client base across the Gulf Cooperation Council (GCC) states which include 60 percent of the GCC government pension funds and 50 percent of the GCC sovereign wealth funds.
It has been serving clients across the Middle East since 1987 and, through its offices in Abu Dhabi and Saudi Arabia, provides asset servicing and asset management expertise to pension funds, sovereign wealth funds, investment managers and ultra-high net worth individuals across the region.
Northern Trust offers a range of solutions tailored to support the needs of Middle East investors including:
Shari’ah compliant post-trade compliance monitoring;
Shari’ah compliant investment manager discretionary mandates;
Sukuk processing and reporting services;
Dividend purification for Shari’ah custody and asset management clients;
Fund administration for Shari’ah compliant managers and funds;
ETF fund administration for the Middle East capital markets.
