With over $50bn in assets under management, Lunate, a global alternative investment management company, and BNY Mellon are investing in Alpheya, a new venture that will create a tailored wealth management technology platform for asset and wealth managers in the Middle East and North Africa (MENA).

With its headquarters located in the Abu Dhabi Global Market (ADGM), Alpheya is anticipated to begin providing client services in 2024 and will be financed with a $300m capital commitment.

The company has a minority ownership held by BNY Mellon.

Moreover, the newly established financial technology firm will supply a complete digital offering that offers an array of services, such as client onboarding, financial planning, portfolio construction, trading and rebalancing, risk management reporting, and analytics, to wealth and asset managers, private banks, and investment houses in the Middle East.

The platform will be created to satisfy the localisation and data privacy specifications for every market in the area by applying the most recent advancements in security and data architecture. 

Constructed with a transparent and scalable architecture, the platform will supply clients digital tools and solutions to address the increasing difficulties of handling multiple investment vehicles and complex technology, allowing them to concentrate on connecting with clients and building their businesses.

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Seif Fikry, managing partner, Lunate said: “We look forward to leveraging our local industry and investment expertise with BNY Mellon’s long history in wealth technology solutions to help wealth managers in the Middle East meet the evolving needs of their clients. Not only will this new platform transform wealth capabilities for financial institutions across MENA, it will also strengthen Abu Dhabi’s role as a global hub for wealth and asset management.”

“BNY Mellon is one of the largest wealth management technology providers, and the new company will leverage our deep expertise in providing wealth managers and investors digital tools and solutions for enhancing portfolio management, seamlessly connecting to local and global providers, and harnessing world-leading data management capabilities,” added Akash Shah, chief growth officer, BNY Mellon. “We are proud to invest in an organisation which recognises the need for a locally developed wealth technology solution, and to support the burgeoning wealth management industry in the region.”

Roger Rouhana, CEO of Alpheya concluded: “Wealth franchises today are managing complex technology environments and a multitude of investment options, that are all supported by more data and analytics and increasingly sophisticated risk management practices. The creation of a wealth technology solution that provides digital tools and software solutions in one integrated platform and is customised for the Middle East, will greatly enhance the ability of regional wealth managers to grow in a scalable and client-centric way.”