First Abu Dhabi Bank Introduces an Innovative Platform for MENA Asset Managers
First Abu Dhabi Bank (FAB) created MENASSA (MENA Securities Services for Asset Managers), a cutting-edge post-trade service designed exclusively for asset managers doing business in the Middle East and North Africa.
MENASSA offers a wide range of modular services through a single platform, with the goal of improving the caliber of securities services in the area. These services, which are highly integrated with FAB's top-tier capital markets and investment banking products, include Global Custody, Fund Accounting, Transfer Agency, Performance and Risk Measurement, and Middle Office Services.
The launch of FAB's new platform is a strategic response to the intricate regulatory landscape influencing investment flows globally. By prioritizing the unique regulatory nuances of the MENA region, FAB aims to cater to the evolving needs of the burgeoning asset and wealth management sectors. One distinguishing feature of this platform is the provision of world-class component products, backed by dedicated client service and fund regulatory experts stationed in key regional hubs such as the UAE, Saudi Arabia, Bahrain, Kuwait, and Oman. These experts ensure that services are delivered in alignment with local regulatory frameworks and operational standards.
According to projections from PricewaterhouseCoopers (PwC) in their 2023 Global Asset and Wealth Management survey, markets in the Middle East are poised to surpass North America, Asia-Pacific, and Europe in terms of assets under management (AuM) growth. Despite the regulatory complexities prevalent in the region, AuM growth is expected to outpace other regions as asset and wealth management organizations seek new market opportunities. PwC forecasts global AuM to reach $147 trillion by 2027, with Asia-Pacific experiencing significantly higher growth rates compared to North America and the Middle East expected to witness accelerated industry expansion.
Launching MENASSA is in line with the UAE government's goal of positioning the nation as a worldwide financial hub and a gateway to regional trade, according to Martin Tricaud, Group Head of Investment Banking at FAB. In order to serve asset managers as the investment landscape in the region continues to change, Tricaud emphasized that MENASSA will enable FAB to provide a comprehensive platform enhanced with local knowledge.
