Arab Fund for Economic and Social Development appoints Northern Trust as asset servicing provider
KUWAIT, July 06, 2022–(BUSINESS WIRE)–Northern Trust (Nasdaq: NTRS) today announced that it has been appointed by Arab Fund for Economic and Social Development (AFESD) to provide a range of asset servicing solutions covering global custody, financial reporting, securities financing, private equity administration, performance measurement and compliance monitoring.
AFESD, based in the State of Kuwait, is an Arab regional financial institution focused on financing economic and social development by financing public and private investment projects and providing grants and expertise to support establishments. education, universities, professional and social associations. The projects financed by the AFESD relate to electricity, communications and transport infrastructures.
“AFESD’s investment strategy continues to evolve in the context of new markets and asset class investment opportunities,” AFESD said in a statement. “It is important for us to have the data and information needed to support our dynamic strategic asset allocations and decision-making processes, as well as investment governance and reporting. Having a strategic partner like Northern Trust , with its global capabilities and a local team of on-the-ground experts who understand our needs and support our approach, can help us navigate a complex and changing landscape.”
“We are happy to support FADES and its investment activities,” said Michael Slater, Head of Middle East and Africa at Northern Trust. “Northern Trust has been developing and evolving its services and capabilities for customers in the Middle East for 35 years, and we view our offerings as an extension of our customers’ infrastructure, providing the fundamental data and insights that support their needs. “We have expanded our local team with high-level appointments to serve and support our customers and be close to their business operations and we are committed to continuing to recruit local talent as our business grows.”
Northern Trust began serving customers in the Middle East in 1987. Today, it has over 30 staff across Riyadh and Abu Dhabi, providing market coverage six days a week, Sunday through Friday, pulling with the support of the world organization. The company provides a full range of solutions to a broad client base that includes many of the largest intergovernmental/governmental organisations, asset managers and family offices in the region.
Northern Trust’s EMEA asset owners provide services to over 330 clients with collectively over $2.54 trillion (as of March 31, 2022) in assets under custody across Europe, the Middle East and Africa. It focuses on supporting the evolving front and back office needs of pension funds, insurance companies, non-profit organizations, central banks and sovereign wealth funds and other intergovernmental agencies to across Europe, the Middle East and Africa.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking services to businesses, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 23 US states and Washington, DC, and 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2022, Northern Trust had assets under custody/administration of US$15.5 trillion and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust has distinguished itself as an industry leader for its exceptional service, financial expertise, integrity and innovation. Visit us on nordtrust.com. follow us on Twitter @NorthernTrust or Northern Trust Corporation on LinkedIn.
Northern Trust Corporation, registered office: 50 South La Salle Street, Chicago, Illinois 60603 USA, incorporated with limited liability in the USA Global legal and regulatory information is available at https://www.northerntrust.com/terms-and-conditions.
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