Stanchart, Al Mal Capital join hands
Global lender Standard Chartered said it has forged a partnership with Al Mal Capital to provide 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 fund administration services to the investment institution, including fund accounting, fund administration and transfer agency services.
Standard Chartered continues to expand its fund services capabilities in the Middle East. The bank’s services portfolio includes fund accounting and administration, compliance reporting, performance measurement and analytics, and institutional transfer agency services. The bank’s regional fund services currently support funds domiciled in and managed out of Bahrain, Oman, the UAE, Qatar, and Saudi Arabia.
Stewart Adams, Regional Head of Investors and Intermediaries, Transaction Banking, Standard Chartered, said: “Our partnership will enable Al Mal Capital to better focus on their core fund management activities and benefit from world class fund administration and management service. 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.”
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. As a leading investment bank, Al Mal Capital is committed to exceptional relationship management and continuously strive to improve our levels of service towards our valued customers. 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.”
Al Mal Capital’s is an investment institution licensed by the Central Bank of the UAE since 2005, with business activities targeted towards banks, institutions, corporate entities and high net worth individuals. They cover three main areas: Investment Banking, Asset Management, and Brokerage. The financial institution is known for its exceptional ability to attract high-calibre fund management talent and provide insightful analysis into timely investment opportunities.
Standard Chartered has been operating in the Middle East region for more than 92 years and has a strong global network covering 69 markets and 1700 offices globally. The bank generates most of its income and profit from the markets of Asia, Africa and the Middle East. In the UAE, the bank has the largest retail distribution network among international banks operating with 11 branches, five electronic banking units and more than 100 ATMs and CDMs.