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

Riyad Capital has signed an agreement with BNP Paribas Securities Services to provide global custody, fund services and consolidated data management services in the Kingdom of 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 and will be live in H1 2021. 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.

Sabty Sulaiman Al-Sabty, CEO of Riyad Capital expressed his enthusiasm to partner with BNP Paribas Securities Services, one of the largest global custodians with profound expertise in the business of securities services. He commented: “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”.

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 where we have been servicing clients for many years, and also will truly position Riyad Capital as the local champion in securities services in the Kingdom.”

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.

Riyad Capital, the investment arm of Riyad Bank, is a leading capital market institution authorised by Saudi Arabia’s Capital Market Authority (“CMA”) to engage in all lines of capital market activities including dealing, managing, arranging, advisory and custody. For more info please visit www.riyadcapital.com.

BNP Paribas Securities Services is a leading global custodian with USD 12 trillion in assets under custody. It is part of a group which has been operating in the MEA region for over 40 years, where it is active in the fields of Corporate and Institutional Banking and International Financial Services.