First Abu Dhabi Bank PJSC has entered into a new strategic alliance with State Street to launch a full-service enterprise offering for institutional investors in the Middle East and North Africa (MENA).
The partnership will leverage FAB’s regional securities services expertise and State Street’s global strength and capabilities.
The solution is designed to offer MENA investors with reach into over 100 markets internationally.
It comprises a product range servicing all major listed and unlisted asset classes, delivered by in-country client service teams in the Kuwait, UAE, Saudi Arabia, Oman, Bahrain and Egypt.
The investors will also have access to State Street’s front, middle and backoffice capabilities as well as its data management and analytics solutions.
These solutions are said to integrate with FAB’s regionalised suite of securities services products, local expertise and regional direct custody network.
FAB Group CEO Hana Rostamani said: “The alliance between FAB and State Street creates a unique platform, delivering leading capabilities across the entire investment value chain that cater for the characteristics of regional and global investments. We are excited to showcase how this will elevate investment servicing in the region.”
State Street chairman and CEO Ron O’Hanley added that the partnership between FAB and State Street presents a unique proposition for MENA investors and those who invest in the region.
“By leveraging the best of both global and regional expertise offered by the collaboration of our two organisations, we will provide a truly customised and flexible service model that proactively drives innovative solutions to meet our clients’ needs,” said O’Hanley.
Last month, State Street partnered with Canoe Intelligence to implement a cloud-based, machine learning technology to overhaul private markets processing and document management.
The same month, the firm launched a digital finance division to meet evolving requirements.