Muscat Capital, the Saudi Arabia-based investment banking arm of Bank Muscat, has selected Northern Trust to provide global custody and fund valuation and accounting services for its Saudi equity fund called the Muscat Capital IPO fund.

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The IPO fund will be benchmarked to the Muscat Capital Saudi IPO Shari’ah Index.

Northern Trust serves Middle East clients through its offices in Abu Dhabi and Saudi Arabia and offers asset servicing and asset management expertise to pension funds, sovereign wealth funds, investment managers and UHNWIs across the region.

It delivers a range of solutions for Middle East investors including Shari’ah compliant post-trade compliance monitoring and investment manager discretionary mandates, sukuk processing and reporting services, fund administration for Shari’ah compliant funds, ETF fund administration for Middle East capital markets and dividend purification for Shari’ah custody and asset management clients.

Northern Trust’s client base across the Gulf Cooperation Council (GCC) states currently includes 60% of the GCC government pension funds and 50% of the GCC sovereign wealth funds.

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Muscat Capital CEO Abdulwahed Al Murshidi said: "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."

Northern Trust country head Saudi Arabia Michael Slater said: "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."