The Arab Fund for Economic and Social Development (AFESD) has selected Northern Trust to administer a range of asset servicing solutions, from global custody, private equity administration and securities financing, to financial reporting and performance measurement.
AFESD is a regional financial institution dedicated to financing public and private investment projects, as well as providing grants and expertise to support educational institutions, professional and social associations.
Northern Trust has been serving clients in the Middle East for over 30 years, with staff across Riyadh and Abu Dhabi to provide solutions to intergovernmental and government organisations, asset managers and family offices in the region.
Commenting on the mandate, AFESD explains: “It is important for us to have data and insight to support our dynamic strategic asset allocation and decision-making processes, as well as investment management and reporting.
“Having a strategic partner like Northern Trust, with its global capabilities and local team of field experts who understand our needs and support our approach, can help us navigate the complex and evolving landscape.”
Michael Slater, Head of Middle East and Africa at Northern Trust, added: “We are delighted to support AFESD and its investment activities. We see our offering as an extension of our clients’ infrastructure, providing fundamental data and insights that support their evolving needs. We have expanded our local team with senior appointments to service and support our clients and be close to their business operations and are committed to continuing to hire local talent as our business grows.”