State Street Corporation has been appointed to provide a range of investment services for the Abu Dhabi Investment Company (ADIC), a government-owned investment company based in the United Arab Emirates.
Established in 1977, ADIC was the first investment company in Abu Dhabi. It is a public limited company that specialises in asset management, private equity, real estate and investment and corporate finance. ADIC is jointly owned by Abu Dhabi Investment Council and the National Bank of Abu Dhabi.
State Street will provide custody, administration and transfer agency services for ADIC’s newly launched offshore funds. Offshore funds account for more than $2.7 trillion in assets and the industry has grown at an annual growth rate of 29 percent over the last three years.
“In seeking a service provider, we found that State Street had a superior breadth of services, which was essential for our diverse portfolio. We are pleased to have found a provider who could service the wide range of needs for our new offshore funds,” says Aftab Hussain, head of product development for ADIC.
“We look forward to building this new partnership with ADIC and to supporting its growth,” adds Gavin Nangle, vice president of State Street’s investor services business in Ireland.