Riyad Capital signs deal with BNP Paribas Securities to provide joint asset servicing offering

Logo of Riyad Capital

Riyad Capital signed an agreement with BNP Paribas Securities Services to provide global custody, fund services and consolidated data management services in Saudi Arabia under a unique joint servicing model, 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 will be live in the first half of 2021, it added.

“The solution we have developed with BNP Paribas Securities Services will truly cultivate and amplify the role of securities services in the financial markets in the Kingdom,” said Sabty Sulaiman Al-Sabty, CEO of Riyad Capital, expressing his enthusiasm to partner with BNP Paribas Securities, one of the largest global custodians with profound expertise in the business of securities services.

On the other hand, Charles Cock, Vice Chairman International at BNP Paribas Securities Services, said: “We are pleased to offer this servicing model with Riyad Capital, one of the largest providers of securities services in the Kingdom. This will further strengthen our offering in the region.”

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 a client; it is operated locally with services and local data managed in the Kingdom; and it is staffed by a specialist team based locally.