BNY Mellon has been appointed fund administrator, transfer agent, trustee and custodian for the first exchange-traded fund launched under new regulations in the United Arab Emirates (UAE).
The investment management regulations implemented by the UAE in 2014 were designed to provide a more regulated regime and greater protection for Investors.
The ETF is the Afkar S&P UAE UCITS ETF, which will list on the Dubai Financial Market (DFM) under the symbol “UAETF.” It has been designed to replicate the S&P UAE BMI Liquid 20/35 Capped Index, which represents the largest stocks by capitalization in the UAE.
“BNY Mellon’s expertise in helping to create ETFs and its global capabilities were key factors leading to its selection to support the ETF,” said Tarek Sherlala, BNY Mellon’s head of asset servicing for the Middle East and Africa. “BNY Mellon has a long history supporting the unique servicing needs of ETFs. Our advanced technology and highly regarded services are supporting Afkar’s launch of this exciting initiative.”
As of March 31, 2016, BNY Mellon supported 35 ETF issuers offering 605 separate portfolios in the U.S., Europe and Asia with a total of $286 billion in net assets.