Making Inroads, Northern Trust Wins Mandate from Arab Fund for Economic and Social Development
Posted on 07/06/2022
The Kuwait-based Arab Fund for Economic and Social Development awarded an asset servicing mandate to Northern Trust (Nasdaq: NTRS). Northern Trust will provide a range of asset servicing solutions spanning global custody, financial reporting, securities finance, private equity administration, performance measurement and compliance monitoring for the Arab Fund for Economic and Social Development. Northern Trust began servicing clients in the Middle East in 1987.
Arab Fund for Economic and Social Development (AFESD), based in the State of Kuwait, is an Arab regional financial institution focused on funding economic and social development by financing public and private investment projects and providing grants and expertise to support education institutions, universities, professional and social associations. Projects financed by AFESD include infrastructures in electricity, communications and transportations.
“AFESD’s investment strategy continues to evolve against the backdrop of new markets and asset classes investment opportunities,” AFESD said in a statement. “It is important for us to have the data and insights to support our dynamic strategic asset allocations and decision-making processes, and on investment governance and reporting. Having a strategic partner like Northern Trust, with its global capabilities and a local team of experts on the ground that understands our needs and supports our approach, can help us navigate a complex and evolving landscape.”
“We are pleased to be supporting AFESD and its investment activities,” said Michael Slater, head of Middle East and Africa at Northern Trust. “Northern Trust has been developing and evolving our services and capabilities for Middle East clients for 35 years, and we see our offerings as an extension of our clients’ infrastructure, providing the foundational 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 recruit local talent as our business grows.”
