Standard Chartered Partners with Clearstream to Support UAE Domiciled Funds
Standard Chartered has collaborated with Clearstream, a post-trade services provider, to enable users to access funds domiciled in the United Arab Emirates (UAE). This collaboration aims to enhance fund processing and execution and aligns with recent regulatory changes from the Securities and Commodity Authority of the UAE.
Strengthening Fund Accessibility
According to the press release, the partnership involves integrating UAE-domiciled funds on Clearstream’s Vestima platform. It promises an end-to-end process that adheres to the evolving regulatory landscape, thus enhancing investment opportunities for retail clients.
Neil Wise, the Chief Commercial Officer for Clearstream Fund Services, mentioned: "We are excited to be part of Standard Chartered’s United Arab Emirates retail fund launch. This successful collaboration exemplifies our commitment to fostering partnerships and delivering market solutions. Through Vestima, custodians can continue to support local funds, contributing to the growth of the fund business in the UAE while adhering to regulatory standards."
Through the collaboration with Clearstream, Standard Chartered plans to provide investment solutions to its retail customers in the region. Clearstream is a segment of Deutsche Börse Group that offers post-trade solutions for the global markets. Through its Fund Services division, the platform facilitates fund processing via Vestima for order execution, settlement, and custody services for over 230,000 funds across 55 markets worldwide.
Owen Young, the Managing Director and Regional Head of Wealth Management for Africa, the Middle East, and Europe at Standard Chartered, said: "Through this successful collaboration with Clearstream, we are able to offer locally domiciled funds to our retail customers in the UAE and deliver on our promise to provide innovative and best-in-class investment solutions that cater to clients’ diverse needs while supporting the UAE government's vision of making the country a global financial hub."
Clearstream Expands with Luxembourg Bank
Last month, Clearstream expanded its services by establishing a banking institution in Luxembourg, Clearstream Fund Centre S.A., for institutional fund investors. This service focuses on fund management and distribution services in the region.
With a commercial banking license from Luxembourg, Clearstream expects the newly created lender to streamline operations for institutional fund investors. Additionally, Fund Centre S.A. aims to facilitate connectivity between international asset managers and distribution partners. The entity is regulated under MiFID to ensure compliance with European fund requirements.
Philippe Seyll, the CEO of Clearstream Fund Centre S.A., emphasized the importance of this strategic expansion, describing it as a testament to the company's commitment to its clients and Luxembourg as its base.