Muscat Capital, a Saudi Arabia-based investment banking arm of Bank Muscat, has appointed Northern Trust to 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.

 

The appointment will add to Northern Trust’s growing client base across the Gulf Cooperation Council (GCC) states which include 60 per cent of the GCC government pension funds and 50 per cent of the GCC sovereign wealth funds, said a statement.

 

Abdulwahed Al Murshidi, chief exeutive officer, Muscat Capital, said: “We are pleased to work with Northern Trust to support the launch of this equity fund aimed mainly at investors in Saudi Arabia.

 

“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 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. 

 

It 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; and ETF fund administration for the Middle East capital markets.

 

Michael Slater, country head Saudi Arabia, Northern Trust, said: “We are delighted to be appointed by Muscat Capital to support the launch of its IPO fund.

 

“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." - TradeArabia News Service