April 18, 2017, Abu Dhabi: Saudi Arabian based custodian Albilad Capital and global fund administrator Apex Fund Services, jointly announce a newly formed partnership for delivering fund administration solutions to Saudi funds.
Albilad Capital (“Albilad”) and Apex Fund Services (“Apex”) have signed an agreement to deliver enhanced services to locally based mutual, private equity and real estate funds in Saudi Arabia. Albilad will act as the named Administrator whilst Apex will provide support by delivering sub-administration services to the third party custodian and its local clients.
This newly announced partnership enhances Albilad’s service capabilities allowing it to offer additional value services to clients by utilising Apex’s expertise as global independent provider.
Launching its Custody business a year ago, Albilad is regulated by the Capital Market Authority and already delivers custody service to over 50 funds therefore is an excellent success story for the region. Supported by the global weight of Apex, which has $50BN (USD) in assets under administration, this new service offering will enable local funds to benefit from a ‘one-touch’ specialist solution; from custody right through to full fund administration and registrar services.
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. Signing an agreement with Apex is a strategic move for Albilad Capital as Apex has a very strong presence in the region, plus years of global experience, and both organizations will play a key role in strengthening fund support functions in the Kingdom of Saudi Arabia”.
Glyn Gibbs, Head of Business Development – MENA at Apex Fund Services said, “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. Apex has over 13 years experience on a global basis and is proud to partner with such an innovative local company and support them in delivering enhanced service capabilities to the Saudi market”.
About Albilad Capital:
Established in 2008, Albilad Investment Company LLC. “Albilad Capital” offers a range of investment services and solutions aimed at individual as well as institutional and corporate customers. Operating under Islamic Sharia principles, with paid up capital of SR 200,000,000.
Albilad Capital is authorized by Saudi Arabia’s Capital Market Authority (License No. 08100-37) to conduct the activities of: Dealing as Principal, Agent and Underwriter, Managing Investment Funds and Discretionary Portfolios, in addition to Arranging, Advising and Custody. Albilad capital is a market leader in Real Estate & Private Equity custody and promoting direct custody to capitalise recent regulatory changes in Saudi supported by state of the art custody platform supported by professional team.
About Apex Fund Services:
Apex Fund Services, established in Bermuda in 2003, is one of the world’s largest specialist fund administration and middle office solutions providers. Apex has continually improved and evolved its product suite by surrounding these core administrative services with additional products spanning the full value chain; from information delivery and regulatory products to capital introduction services. The globally distributed service model is delivered by over 600 staff across 32 offices. Apex now administers the investments of some of the largest funds and institutional investors in the world. www.theapexgroup.com
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