Standard Chartered to Provide Custody and Fund Services to UAE Investment Firm

Standard Chartered has partnered with Al Mal Capital to provide the investment firm with custody and fund administration services.

Under the terms of the partnership, Standard Chartered will deliver Custody Services such as equity and fixed income securities settlements, safekeeping, corporate actions, income and entitlements collection, cash management, reporting, and market information services. The bank will also provide multiple fund services including fund accounting, fund administration and transfer agency services.

Tariq Qaqish, head of Asset Management at Al Mal Capital said: “We are pleased to partner with Standard Chartered for our award-winning Al Mal UAE Equity Fund, Al Mal MENA Equity Fund and Al Mal Saudi Shariah Funds. Together we will seek to enhance the return for unit holders by providing optimal, cost effective services. We believe our newly established partnership with an esteemed institution like Standard Chartered will pave the way for such enhanced interaction and hence satisfy our ultimate goal of client satisfaction.”

Standard Chartered continues to expand its fund services capabilities in the Middle East. The bank’s regional fund services currently support funds domiciled in and managed out of Bahrain, Oman, the UAE, Qatar, and the Kingdom of Saudi Arabia. A fortnight ago, Standard Chartered announced the expansion of its fund services capabilities to Oman, which is a strategic market for the securities services provider.

Stewart Adams, regional head of Investors and Intermediaries, Transaction Banking, Standard Chartered, said:
”Standard Chartered’s strong local, regional and international network will bolster Al Mal’s strategic investment funds in various MENA markets. We will continue to improve and expand our Investors and Intermediaries services to better meet the needs of our clients in this dynamic region.”

Al Mal Capital is an investment institution licenced by the Central Bank of the UAE since 2005, with business activities targeted towards banks, institutions, corporate entities and high net worth individuals. Its core areas of coverage are investment banking, asset management and brokerage.