Albilad Capital partners with Apex Fund Services for fund administration
Saudi Arabian custodian Albilad Capital and global fund administrator Apex Fund Services has announced a partnership for delivering fund administration solutions to Saudi funds.
Albilad Capital (Albilad) and Apex Fund Services (Apex) have signed an agreement to deliver enhanced services to locally based mutual, private equity and real estate funds in Saudi Arabia. Albilad will act as the named Administrator whilst Apex will provide support by delivering sub-administration services to the third party custodian and its local clients.
Commenting on this partnership, Zafar Ullah Khan, Head of Securities Services at Albilad Capital said, “There is growing demand for outsourcing the fund administration function as it brings transparency to the process. Albilad Capital is committed to supporting the Saudi Shari'ah Compliant fund industry and aims to provide end-to-end outsourcing solutions to fund managers; including Custody, Fund Administration and Registrar services. 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 organisations will play a key role in strengthening fund support functions in the Kingdom of Saudi Arabia.”
Sharing similar sentiments, Glyn Gibbs, Head of Business Development—MENA at Apex Fund Services added, “The recent changes in regulation in Saudi mean that local funds may look to outsource their fund administration requirements more often and therefore the ability to deliver this service via Apex positions Albilad Capital as a valuable service partner for local funds. Apex has over 13 years of experience on a global basis and is proud to partner with such an innovative local company and support them in delivering enhanced service capabilities to the Saudi market.”
The newly announced partnership enhances Albilad’s service capabilities allowing it to offer additional value services to clients by utilising Apex’s expertise as global independent provider.
Launching its custody business a year ago, Albilad is regulated by the Capital Market Authority and already delivers custody service to over 50 funds therefore is an excellent success story for the region. Supported by the global weight of Apex, which has $50 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.