First Abu Dhabi Bank (FAB) is planning to launch a post-trade platform designed to cater for asset managers in the Mena market.
The platform, called Menassa after the Arabic word for ‘platform’, will provide global custody, fund accounting, transfer agency, performance and risk measurement and middle office services.
It will also be integrated with the bank’s capital markets and investment banking services.
The platform will also provide regulatory compliance services based on the specific rules of different countries within the region, claims FAB.
The platform will be supported by fund regulatory specialists based in the UAE, Bahrain, Kuwait, Saudi Arabia and Oman.
The investment in a new post-trade service has been driven by the projected growth of the Mena asset management market. A PwC report published in 2023, forecast that the Mena market will surpass the US in terms of growth in assets under management over the next five years, despite the aforementioned regulatory complexities in the region.