LONDON - Citi and Majid Al Futtaim Asset Management today announced that its Global Transaction Services business has been chosen to provide custody to Majid Al Futtaim Trust and both custody and fund administration to funds managed by Majid Al Futtaim Asset Management.
One recently-announced fund, the Elite MENA Equity Fund, is the first MENA equity product offered by Majid Al Futtaim Asset Management. The Majid Al Futtaim family office has seeded the Fund with US$150m (AED 550m), making it one of the largest MENA equity funds available to investors. Focused on the Middle East and North Africa (MENA) region, the 'long-only' open ended fund, domiciled in Luxembourg, aims to achieve long term asset growth and capital preservation through a tried and tested 'Risk-Managed Growth' approach to MENA investments.
Iyad Malas, the Chief Executive Officer of Majid Al Futtaim Asset Management, said, "We sought a long-term partner in Citi for consolidation of our service providers. Citi was chosen because it is the leading global custody and fund administration provider with a robust service structure in the Middle East and strong regional presence."
Under the terms of the agreement, Citi will provide Majid Al Futtaim Asset Management with custody and fund administration services including safekeeping of securities valuation of investments, foreign exchange, and the settlement of transactions.
Richard Street, Head of Securities and Fund Services, Middle East, Citi, said, "We are delighted Majid Al Futtaim has chosen our network and breadth of services to help it seize the advantages of the current investment environment. In servicing Majid Al Futtaim Asset Management, Citi are able to deliver our Investor Services capabilities with a local service touch. We continue to expand our MENA franchise and develop our strategy to embed our Securities and Fund Services capabilities with the region. The Middle East is an exceptional market place - one demanding local solutions with global service standards and we are building out our full Securities and Fund Services product set within the region to service Intermediary, Investor and Issuer clients both locally and internationally."
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About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
About Citi Global Transaction Services
Global Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organisations around the world. With a network that spans more than 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the first quarter of 2009, it held on average $278 billion in liability balances and $10.3 trillion in assets under custody.
About Majid Al Futtaim Asset Management
Majid Al Futtaim Asset Management, the asset management arm of the Majid Al Futtaim Group, offers institutional and professional investors the opportunity to engage the services of a team of portfolio managers with a proven track record, who managed the family office of Majid Al Futtaim.
Majid Al Futtaim Asset Management's first investment product is the Elite MENA Equity Fund, which invests in the MENA region's listed equity markets. The Elite MENA Equity Fund is a long-only investment vehicle whose objective is to achieve long term asset growth and capital preservation through investments primarily in securities listed in the Middle East and North Africa (MENA) region.
Media Contacts:
LONDON
Jean Dumas
+442079865603
jean.dumas@citi.com
DUBAI for MAFAM
Eileen Wallis
+97143693575
eileen.wallis@theportsmouthgroup.com
© Press Release 2009
