First Abu Dhabi Bank (FAB) has won a mandate to supply global custody for three open-ended sharia complaint funds managed by UAE-based manager, Shuaa Capital.
The funds, the first to be launched under the integrated cell company structure in the Abu Dhabi General Market, are focused on qualified institutional investors, namely insurers and pension funds, with a long-term investment outlook.
Capital commitments of US$75 million have already been secured for the funds and the appointment of FAB Securities Services is designed to help Shuaa Capital “navigate the complexities of the regional post-trade landscape” and focus on portfolio management, according to a statement.
FAB has sought to expand its Middle East presence this year and has made a number of senior appointments.
In July the asset servicer added four executives to its team including hires from Northern Trust and HSBC.
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