Riyad Capital, the investment banking arm of Saudi Arabia’s Riyad Bank, has signed an agreement with BNP Paribas Securities Services to provide global custody, fund services and consolidated data management services in Saudi Arabia under a joint servicing model, thought to be the first of its kind in the Kingdom and the region.
Developed over the last two years, the joint asset servicing proposition has been developed in conjunction with a large sophisticated public sector institution. All clients will benefit from a range of services, including local and global custody, securities lending, investment accounting, performance measurement, ex-post risk analytics and post trade compliance monitoring across a range of asset types, Riyad Capital said. It is expected to go live in the first half of 2021.
Asset owners and asset managers in the Kingdom will benefit from this holistic solution for both local and international assets, traditional as well as alternatives, through a single platform, hosted in the Kingdom. The joint servicing model is based on three key elements: it enables products and services to be delivered under one single contract between Riyad Capital and the client; it is operated locally with services and local data managed in the Kingdom; and it is staffed by a specialist team based locally.