Northern Trust, the international financial services company with branches in Luxembourg, has today been appointed to provide global custody and fund valuation and accounting services for Muscat Capital IPO, the equity fund of Saudi Arabia-based Muscat Capital.
Northern Trust already held a client base across the Gulf Cooperation Council (GCC) states, which is comprised of 60% of the GCC government pension funds and 50% of the GCC sovereign wealth funds.
"We are pleased to work with Northern Trust to support the launch of this equity fund aimed mainly at investors in the Kingdom of Saudi Arabia," commented Abdulwahed Al Murshidi, CEO, Muscat Capital LLC. "Northern Trust’s ability to offer tailored solutions for the Gulf region as well as their proven expertise in supporting Saudi institutions through their local presence in Riyadh, were among the key factors in their selection."
Through offices in Abu Dhabi and Saudi Arabia, Northern Trust has been providing asset servicing and management expertise to pension funds, sovereign wealth funds, investment managers and ultra-high net worth individuals in the Middle East since 1987.
"We are delighted to be appointed by Muscat Capital to support the launch of its IPO fund," said Michael Slater, country head Saudi Arabia, Northern Trust. "We understand that sophisticated institutions like Muscat Capital require customised solutions to meet their evolving requirements in this dynamic market, in particular the ability to innovate and offer asset servicing solutions around the Middle East’s working week."
He continued: "Our presence as part of the business community in Saudi Arabia, underpinned by long-standing expertise as a provider of these services ensures we are well-placed to continue providing exceptional service to clients in the region."
