State Street will provide fund administration and custody services for Emirates NBDs subsidiary in Jersey, Channel Islands, for both their conventional and Shariah-compliant fund umbrellas.
“We are delighted that Emirates NBD Fund Managers Jersey Limited has successfully recommended to the funds, the appointment of our administration and custody services to support their core investment portfolios, says Gerald Hough, managing director of State Streets Global Services business in the Channel Islands. In addition to servicing conventional products, State Street also has deep expertise in Islamic investment vehicles and delivering integrated solutions that ensure compliance with Shariah protocols.”
Meanwhile, J.P. Morgan has been appointed to provide integrated prime custody services, fund accounting and fund administration for Neuberger Bermans newly launched Absolute Return Multi-Manager Fund.
The fund seeks capital appreciation with an emphasis on absolute returns by allocating its assets to multiple hedge fund advisers that employ distinct alternative investment strategies, according to Neuberger Berman.
We believe that alternative mutual fund solutionsliquid alternativesare ready to enter the mainstream of retail mutual fund investing, says Robert Conti, CEO of Neuberger Berman Management.
Our decision to partner with J.P. Morgan reflects our confidence in their ability to support us across this multifaceted and diverse set of strategies.
(OS)