- Abu Dhabi based company will
meet the growing needs of wealth and asset managers in the
Middle East for an end-to-end
wealth management platform
- BNY Mellon will provide its global expertise in wealth
technology and has a minority share in the company
ABU
DHABI, UAE and NEW
YORK, Nov. 21, 2023 /PRNewswire/ -- Lunate,
a global alternative investment management company with more than
$50 billion of assets under
management, and BNY Mellon (NYSE:BK), the world's largest custodian
and a leader in wealth management technology are investing in a new
company, Alpheya, that will develop a customized wealth management
technology platform for wealth and asset managers in the
Middle East and North Africa (MENA). Based in the Abu Dhabi
Global Market (ADGM), Alpheya will be funded with a capital
commitment of $300 million and is
expected to start serving clients in 2024. BNY Mellon has a
minority share in the company.
The new financial technology company will meet the growing
demand in the Middle East from
wealth and asset managers, private banks, and investment houses,
for an end-to-end digital solution that delivers a range of
services, including client onboarding, financial planning,
portfolio construction, trading and rebalancing, risk management
reporting, and analytics. Utilizing the latest security and
data architecture, the platform will be designed to meet the data
privacy and localization requirements for each market in the
region.
"We look forward to leveraging our local industry and investment
expertise with BNY Mellon's long history in wealth technology
solutions to help wealth managers in the Middle East meet the evolving needs of their
clients," said Seif Fikry, Managing
Partner, Lunate. "Not only will this new platform transform wealth
capabilities for financial institutions across MENA, it will also
strengthen Abu Dhabi's role as a
global hub for wealth and asset management."
Built on open and modular architecture, the platform will
provide the digital tools and solutions for clients to meet the
growing challenges of managing complex technology and numerous
investment vehicles, so they can focus on engaging with their
clients and expanding their business.
"BNY Mellon is one of the largest wealth management technology
providers, and the new company will leverage our deep expertise in
providing wealth managers and investors digital tools and solutions
for enhancing portfolio management, seamlessly connecting to local
and global providers, and harnessing world-leading data management
capabilities," said Akash Shah,
Chief Growth Officer, BNY Mellon. "We are proud to invest in an
organization which recognizes the need for a locally-developed
wealth technology solution, and to support the burgeoning wealth
management industry in the region."
"Wealth franchises today are managing complex technology
environments and a multitude of investment options, that are all
supported by more data and analytics and increasingly sophisticated
risk management practices," said Roger
Rouhana, CEO of Alpheya. "The creation of a wealth
technology solution that provides digital tools and software
solutions in one integrated platform and is customized for the
Middle East, will greatly enhance
the ability of regional wealth managers to grow in a scalable and
client-centric way."
Further operational details will be announced in due course. For
more information, please visit: www.alpheya.com
About Lunate
Lunate is a new Abu Dhabi-based, Partner-led independent
global alternative investment management company with more than 150
employees and more than $50 billion
of assets under management. Lunate invests across the entire
private market spectrum including buyouts, growth equity, early and
late-stage venture capital, private credit, real assets, and public
equities and public credit. Lunate aims to be one of the world's
leading private markets solutions providers through SMAs and
multi-asset class funds, seeking to generate best-in-class
risk-adjusted returns for its clients.
About BNY Mellon
Established in 1784, BNY
Mellon is America's oldest bank and the first company listed
on the New York Stock Exchange (NYSE: BK).
Today, BNY Mellon powers capital markets around the
world through comprehensive solutions that help clients manage and
service their financial assets throughout the investment life
cycle. BNY Mellon had $45.7
trillion in assets under custody and/or administration and
$1.8 trillion in assets under
management as of Sept. 30,
2023. BNY Mellon has been named among Fortune's
World's Most Admired Companies and Fast Company's Best Workplaces
for Innovators. BNY Mellon is the corporate brand of
The Bank of New York Mellon
Corporation. Additional information is available on
www.bnymellon.com. Follow us on LinkedIn or visit our
Newsroom for the latest company news.
Media Contacts
Lunate: media@lunate.com
BNY Mellon:
Jessica.thomas@bnymellon.com
Alpheya: contact@alpheya.com
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SOURCE BNY Mellon