Gulf Custody Company Kuwait “GCC” and Standard Bank Offshore Group have announced their agreement to form an alliance in the areas of fund custody and administration services that will be offered in Kuwait and other regional markets. The two companies signed a memorandum of understanding in Kuwait on the April 26, 2006.
Ahmed Al Bahar GM of Gulf Custody Co. said that this alliance will extend the line of services offered by GCC to comprise new administration & custody business to private equity funds, hedge funds and property funds.
Peter Hart, managing director of Fund Administration at Standard Bank in Jersey said that this alliance will promote fund services and products available offshore through joint marketing programs, adding that Standard Bank with its regional office in Dubai is in a good position to assist Gulf Clearing Company with both technical assistance and training where necessary.
Gulf Custody Company (GCC) was incorporated in Kuwait in 2001, then later as Gulf Clearing Company in Bahrain in 2003 with total assets under custody in excess of US$5.5bn.