Northern Trust picked for Arab fund mandate 06 July 2022Kuwait Reporter: Rebecca Delaney
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Northern Trust has been selected by Arab Fund for Economic and Social Development (AFESD) to administer a range of asset servicing solutions, from global custody, private equity administration and securities finance, to financial reporting and performance measurement.
AFESD is a regional financial institution dedicated to funding public and private investment projects, as well as providing grants and expertise to support educational institutions, and professional and social associations.
Northern Trust has been servicing clients in the Middle East for more than 30 years, with employees located across Riyadh and Abu Dhabi to provide solutions to intergovernmental and governmental organisations, asset managers and family offices in the region.
Commenting on the mandate, AFESD explains: “It is important for us to have the data and insights to support our dynamic strategic asset allocations and decision-making processes, and on investment governance and reporting.
“Having a strategic partner like Northern Trust, with its global capabilities and a local team of experts on the ground that understands our needs and supports our approach, can help us navigate a complex and evolving landscape.”
Michael Slater, head of Middle East and Africa at Northern Trust, adds: “We are pleased to be supporting AFESD and its investment activities. We see our offerings as an extension of our clients’ infrastructure, providing the foundational data and insights that support their evolving needs. We have expanded our local team with senior appointments to service and support our clients and be close to their business operations and are committed to continuing to recruit local talent as our business grows.”
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