FAB awarded global custody mandate for SHUAA Capital

First Abu Dhabi Bank (FAB) to provide global custody services for three new open-ended Sharia-compliant funds.

By Jonathan Watkins

FAB Securities Services has been appointed by UAE-based SHUAA Capital, one of the region’s largest asset manager and investment bank, to provide global custody services for SHUAA GMC’s newlylaunched Abu Dhabi Global Market (ADGM) funds. 

The custodian will help drive efficiencies for SHUAA Capital across its operations using its regional direct custody network with expert local client servicing teams and technology solutions – enabling SHUAA’s investment team to focus on its core competency of portfolio management. 

The three open-ended Sharia-compliant funds have been launched under a first of its kind ICC umbrella in the ADGM. They are targeted at qualified institutional investors, with a specific focus on insurance and pension institutional investors with a long-term investment horizon. 

In a statement, FAB said the funds platform is expected to be the largest of its kind to be domiciled in ADGM and has already secured initial commitments of $75 million. 

“SHUAA Capital is delighted to expand its relationship with FAB Securities Services,” said Ajit Joshi, head of public and private markets at SHUAA Capital. 

We wanted a provider that can help us navigate the complexities of the regional post-trade landscape in a responsive manner. FAB has demonstrated this expertise as a regional leader.  We are pleased to draw on its experience and solutions.” 

SHUAA Capital currently manages $13 billion in assets with a clear roadmap seeking to increase this to $20 billion.

“FAB Securities Services is well positioned to support SHUAA Capital in its business aspirations. As a leading regional custodian, our strength is providing bespoke solutions to sophisticated investors. We are delighted to partner with SHUAA  Capital in its continued regional expansion, said Kashif Darrmanaging director and head of securities services, FAB.

FAB has set its sights on growth across the Middle East this year, making a series of high-profile additions to fulfil its goal. The custodian added four new appointments to its securities services team in July this, adding a wealth of industry experience. These included hires from HSBC and Northern Trust.