Northern Trust has been selected by Saudi Arabia-based Muscat Capital to provide global custody, fund valuation and accounting services for a newly launched Saudi equity fund.
Muscat Capital is the investment banking arm of Bank Muscat, the largest commercial bank in Oman.
“Northern Trust’s ability to offer tailored solutions for the Gulf region as well as their proven expertise in supporting Saudi institutions through their local presence in Riyadh, were among the key factors in their selection,” says Abdulwahed Al Murshidi, CEO, Muscat Capital.
The appointment adds to Northern Trust’s client base across the Gulf Cooperation Council (GCC) states, which manages 60% of the GCC government pension funds and half of the GCC sovereign wealth funds.
“We understand that sophisticated institutions like Muscat Capital require customised solutions to meet their evolving requirements in this dynamic market, in particular the ability to innovate and offer asset servicing solutions around the Middle East’s working week,” adds Michael Slater, country head Saudi Arabia, Northern Trust.
“Our presence as part of the business community in Saudi Arabia, underpinned by long-standing expertise as a provider of these services ensures we are well-placed to continue providing exceptional service to clients in the region.”