Saudi asset manager Sico Capital is branching out into asset servicing.
The firm has launched a securities services business line in Saudi Arabia that will provide custody and fund administration services.
In keeping with the trend among asset servicers to expand their range of services, Sico will also offer middle office and performance analytics for public and private funds.
The move has been driven by the “flourishing asset management business” in the kingdom, according to a company statement.
Sico has contracted a number of tech and data providers for the new business line. US-based fintech FIS will provide fund and alternative assets systems, while S&P will provide market data.
According to Francis Dassou, chief securities business officer of Sico Capital, the firm intends to adopt blockchain-based services in the future and is considering a digital assets strategy.
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