Majid Al Futtaim Asset Management has chosen Citi’s Global Transaction Services business to provide custody to Majid Al Futtaim Trust and both custody and fund administration to funds managed by Majid Al Futtaim Asset Management.
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.
Iyad Malas, chief executive 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.”
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