Apex in Saudi fund admin partnership 20 April 2017Riyadh Reporter: Stephanie Palmer
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Apex Fund Services has partnered up with Saudi Arabian custodian Albilad Capital, to deliver fund administration solutions to Saudi funds.
The partnership will deliver services to mutual, private equity and real estate funds in Saudi Arabia, with Albilad as administrator and Apex providing sub-administration services.
Through the partnership, Albilad intends to improve its local capabilities and provide new services to clients, offering a single solution from custody to fund administration and registrar services.
Albilad launched its custody business a year ago, and now provides services for more than 50 funds. Apex has $50 billion in assets under administration, and clients from all over the world.
Zafar Ullah Khan, head of securities services at Albilad Capital, said: “There is growing demand for outsourcing the fund administration function as it brings transparency to the process. Albilad Capital is committed to supporting the Saudi sharia compliant fund industry and aims to provide end-to-end outsourcing solutions to fund managers, including custody, fund administration and registrar services.”
Glyn Gibbs, head of business development for the MIddle East and North Africa at Apex Fund Services, added: “The recent changes in regulation in Saudi mean that local funds may look to outsource their fund administration requirements more often and therefore the ability to deliver this service via Apex positions Albilad Capital as a valuable service partner for local funds.”
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