Saudi wealth manager NCB Capital has appointed State Street to service its first ever UCITS platform in Ireland.
State Street will provide a range of fund administration and custody services including; fund accounting, financial reporting, shareholder services, transfer agency, trustee and global sub-custody.
NCB Capital is the first Saudi institution to establish a non-Saudi registered range of funds in Ireland. The firm is launching two funds on this new platform – the NCB Capital Saudi Arabian Equity Fund and the NCB Capital GCC Equity Fund. The objective of the two funds is to generate long-term capital growth by investing in listed companies in the Saudi Arabian and Gulf Co-operation Council (GCC) markets, in line with Shariah guidelines and UCITS regulations.
The two Shariah-compliant funds will be marketed internationally in conjunction with Amundi and will focus on institutional investors in Europe and Asia.
The firm manages assets of $3.93 billion in one of its funds.