BNP Paribas Securities Services and Riyad Capital have signed an agreement to provide global custody, fund services and consolidated data management services in Saudi Arabia under a joint servicing model.
Set to go live in H1 2021, the offering is the first of its kind in the Kingdom and the region. It has been developed over the last two years and in conjunction with a large public sector institution.
Based on three key elements, the offering enables products and services to be delivered under one single contract between Riyad Capital and a client.
It is operated locally with services and local data managed in the Kingdom, and it is staffed by a specialist team based locally.
According to Riyad Capital, all clients will benefit from a range of services, including local and global custody, securities lending, investment accounting, and performance measurement.
In addition to this, ex-post risk analytics and post-trade compliance monitoring across a range of asset types will also be available as part of the service offering.
Riyad Capital says asset owners and asset managers will benefit from this holistic solution for both local and international assets, traditional as well as alternatives, through a single platform, hosted in the Kingdom.
Charles Cock, vice chairman international at BNP Paribas Securities Services, says: “We are pleased to offer this servicing model with Riyad Capital, one of the largest providers of securities services in the Kingdom. This will further strengthen our offering in the region.”
Sabty Sulaiman Al-Sabty, CEO of Riyad Capital, comments: “The solution we have developed with BNP Paribas Securities Services will truly cultivate and amplify the role of securities services in the financial markets in the Kingdom.”
Last month, BNP Paribas Securities Services and Helaba Invest were jointly appointed to service Provinzial Asset Management’s range of funds, representing €50 billion in assets.
