Saudi Fransi Capital names HSBC custodian for its funds

20/02/2018 Argaam

 

Saudi Fransi Capital has appointed as HSBC Saudi Arabia as custodian for their full range of public and private funds, the bank said in a statement on Tuesday.

 

The appointment follows the introduction of new Investment Fund Regulations by the Capital Market Authority, which require asset managers to appoint independent third party custodians for custody of the assets of public funds.

 

The new regulation will enable a greater focus on the core capabilities of asset management, while specialist service providers manage the safe-keeping and servicing of assets, Waleed Fatani, Saudi Fransi Capital CEO, said in the statement.

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