American investment manager BNY Mellon has joined forces with NCB Capital to offer custody and associated asset servicing activities in Saudi Arabia.
Through the alliance, BNY Mellon looks to serve institutional and large asset owners in the country.
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The partnership will help NCB Capital clients gain access to the global custody, asset servicing, data and technology capabilities of BNY Mellon.
BNY Mellon CEO Todd Gibbons said: “BNY Mellon has been serving KSA clients for more than 30 years, and has been conducting business in the region for over a century.
“We are excited to announce this strategic alliance with NCB Capital and look forward to working together to support the financial and social agenda the Kingdom has forged as part of its transformation, by sharing capabilities, resources and practices via our new alliance.”
BNY Mellon had $37.3trn in assets under custody and/or administration at the end of June 2020.
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By GlobalDataThe firm has a branch office in the Dubai International Finance Centre along with representative offices in the Abu Dhabi Global Market, Beirut, Cairo and Istanbul.
It has also secured conditional clearance to set up open a Riyadh office.
Through the office, BNY Mellon aims to support its partnership with NCB Capital and help deliver its global digital custody and data solutions.
The investment banking unit of National Commercial Bank, NCB Capital offers a range of services including wealth and asset management, investment banking, and securities services.
The business caters to local retail, affluent and HNW clients and local, regional and international institutional clients.
Recent moves
In August this year, a report said that BNY Mellon wants most of its staff to continue working from home for the remainder of the year as Covid-19 cases see a spike.
Moreover, BNY Mellon’s Pershing recently expanded financial advisers’ access to its alternative investment capabilities.
Pershing integrated with CAIS and iCapital Network through its Application Program Interface (API) Store.
