StanChart signs deal with Al Mal Capital
Dubai, October 1, 2013
Standard Chartered has signed a deal to provide custodial and fund administration services to UAE-based investment institution Al Mal Capital.
Under the terms of the partnership, Standard Chartered will deliver custody services such as equity and fixed income securities settlements, safekeeping, corporate actions, income and entitlements collection, cash management, reporting, and market information services, said a statement.
The bank will also provide multiple fund Services including fund accounting, fund administration and transfer agency services, it said.
Tariq Qaqish, head of Asset Management at Al Mal Capital, said: “We are pleased to partner with Standard Chartered for our Al Mal UAE Equity Fund, Al Mal Mena Equity Fund and Al Mal Saudi Shariah Funds. Together we will seek to enhance the return for unit holders by providing optimal, cost effective services.”
Stewart Adams, regional head of Investors and Intermediaries, Transaction Banking, Standard Chartered, said: “Our partnership will enable Al Mal Capital to better focus on their core fund management activities and benefit from the fund administration and management service.”
Al Mal Capital’s business activities are targeted towards banks, institutions, corporate entities and high net worth individuals. They cover three main areas: investment banking, asset management and brokerage. - TradeArabia News Service