Muscat Capital hires Northern Trust as custodian

Signing dealThe Saudi Arabian investment banking arm of Bank Muscat, the largest commercial bank in Oman, has appointed Northern Trust to provide custody, fund valuation and accounting services to the Muscat Capital IPO fund. The Saudi equity fund, which is aimed mainly at investors in Saudi Arabia, aims to buy shares in companies as they undergo initial public offerings (IPOs) on the Saudi stock exchange, the Tadawul. Figures from the company show there were 18 IPOs between 2012 and 2014 with a combined value of $8.7 billion. Michael Slater, country head Saudi Arabia, Northern Trust, says "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". The appointment of an independent custodian by Muscat Capital marks a trend for asset managers in Saudi Arabia to move closer to international standards of third-party custody. In the past, many asset managers in the kingdom carried out custody and other functions, such as fund administration, in-house. ©2015 funds globla mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Jan 04, 2019

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

Jun 13, 2018

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...


ROUNDTABLE: Hooked to the global caravan

Jan 04, 2019

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.

MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.