Apex Fund Services has teamed up with Saudi Arabian based custodian, Albilad Capital, to offer fund administration services for Saudi funds.
The partnership will see both parties offer services to locally based mutual, private equity and real estate funds in Saudi Arabia.
As part of the agreement, Albilad Capital will act as the named administrator with Apex providing sub-administration services to third party custodians and their local clients.
“There is growing demand for outsourcing the fund administration function as it brings transparency to the process,” said Zafar Ullah Khan, head of securities services at Albilad Capital.
“Signing an agreement with Apex is a strategic move for Albilad Capital as Apex has a very strong presence in the region and both organisations will play a key role in strengthening fund support functions in the Kingdom of Saudi Arabia”.
The move is the latest development for Apex, which currently holds $50 billion in assets under administration. Earlier this year, the administrator supported the launch of Brazilian investment manager Captalys’ first offshore fund.
“The recent changes in regulation in Saudi mean that local funds may look to outsource their fund administration requirements more often” added Glyn Gibbs, head of business development for MENA at Apex Fund Services.
“Therefore the ability to deliver this service via Apex positions Albilad Capital as a valuable service partner for local funds”