NDF appoints Northern Trust as custodian provider 22 August 2024Saudi Arabia Reporter: Klea Neza
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The National Development Fund (NDF) has chosen Northern Trust Company of Saudi Arabia as its custodian for assets under management.
The agreement aims to enhance the NDF’s capabilities and achieve its strategic objectives. The companies say the custodian plays a crucial role in transferring capital from development funds and banks, consolidating them under the NDF’s umbrella.
The agreement also contributes to improved asset management, increased financial transparency, and efficiency by integrating and simplifying financial operations related to asset management, leading to reduced operating costs, increased effectiveness, and improved operational efficiency and financial security.
Khalid bin Ibrahim Sharif, vice governor of the NDF, says: “We are pleased to choose Northern Trust, a global provider of asset servicing solutions, as they possess extensive experience working with prestigious institutions, sovereign wealth funds, and various development agencies, and have operational models and requirements similar to those of the National Development Fund.”
Kholoud Al-Dosari, country head of Northern Trust in Saudi Arabia, comments: “Northern Trust is committed to expanding its services across the region, investing in infrastructure development, and enhancing skills and expertise to support clients and drive progress in the local market. We remain focused on delivering world-class services and solutions that exceed the evolving needs of our clients.”
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