Saudi based custodian Albilad Capital and global fund administrator Apex Group Ltd jointly announced a newly formed partnership for delivering fund administration solutions.
Albilad and Apex have signed an agreement to deliver enhanced services to locally domiciled mutual, private equity and real estate funds in Saudi Arabia.
Albilad will act as the named Transfer Agent and Administrator whilst Apex will provide support by delivering sub-accounting services to it, who is the leading domestic custodian in Saudi Arabia with over SAR 100 billion. under custody.
This newly announced partnership enhances Albilad’s capabilities allowing it to offer additional value services to clients by utilizing Apex’s expertise as a global, independent provider.
Albilad Capital, licensed by the Capital Market Authority (CMA), aims to provide full set securities Services in the Kingdom, positively contributing to the development of the Saudi fund industry.
Supported by the global weight of Apex, which has $650 billion 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.
“Albilad is committed to supporting Saudi domiciled fund industry and aims to provide end-to-end outsourcing solutions to fund managers; including Custody, Fund Administration and Registrar services,” Zafar Ullah Khan, COO at Albilad Capital, said.
“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,” he added.
“As more and more local Saudi funds look to outsource their fund administration requirements, the ability to deliver this service via Apex positions Albilad as a valuable service partner for local funds. Apex has over 15 years’ experience as a global business and we are proud to partner with such an innovative local company and support them in delivering enhanced service capabilities to the Saudi market,” Glyn Gibbs, Head of Business Development – MENA at Apex Fund Services, said.
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