Abu Dhabi-based global alternative investment management company Lunate and US-based investment bank BNY Mellon will invest in Alpheya, a new wealth technology company.
The new company, based at Abu Dhabi Global Market, will be funded with a capital commitment of $300 million and is expected to start serving clients in 2024, Lunate said on Tuesday.
Alpheya will develop a customised wealth management technology platform for wealth and asset managers in the Middle East and North Africa, Lunate said.
“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, chief executive of Alpheya.
“The creation of a wealth technology solution that provides digital tools and software solutions in one integrated platform and is customised for the Middle East, will greatly enhance the ability of regional wealth managers to grow in a scalable and client-centric way.”
Lunate, an independent alternative investment company, with more than $50 billion in assets under management, was launched by Chimera Investment, an Abu Dhabi-based private organisation in September.
The company, also based at the ADGM, has interests in private equity, venture capital, private credit, real assets, public equities and public credit markets.
“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 Lunate’s managing partner Seif Fikry.
Alpheya aims to 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, the company said.
The new platform aims to provide tools for clients to meet the growing challenges of managing complex technology and numerous investment vehicles, it said.
“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,” Mr Fikry said.
BNY Mellon, which will hold a minority share in the new company, will provide it with global expertise in wealth technology, it said.
BNY Mellon works with a range of sovereign wealth funds, financial institutions, governments and other clients throughout the region. It offers asset servicing and ancillary services, corporate trust and treasury services to its clients.
The New York-based investment bank had $45.7 trillion in assets under custody or administration as of the end of September this year, while its assets under management reached $1.8 trillion.
“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 at BNY Mellon.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
if you go
The flights
Flydubai offers three daily direct flights to Sarajevo and, from June, a daily flight from Thessaloniki from Dubai. A return flight costs from Dhs1,905 including taxes.
The trip
The Travel Scientists are the organisers of the Balkan Ride and several other rallies around the world. The 2018 running of this particular adventure will take place from August 3-11, once again starting in Sarajevo and ending a week later in Thessaloniki. If you’re driving your own vehicle, then entry start from €880 (Dhs 3,900) per person including all accommodation along the route. Contact the Travel Scientists if you wish to hire one of their vehicles.
The Beach Bum
Director: Harmony Korine
Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg
Two stars
Profile of RentSher
Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
Investment: $2 million
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
