Abu Dhabi’s $50 Billion Fund Partners With BNY Mellon to Launch Wealth Tech Firm

Abu Dhabi’s $50 Billion Fund Partners With BNY Mellon to Launch Wealth Tech Firm

Lunate, a global alternative investment management company with more than $50 billion of assets under management, and BNY Mellon, one of the world’s largest custodian, are investing in a new

The post Abu Dhabi’s $50 Billion Fund Partners With BNY Mellon to Launch Wealth Tech Firm appeared first on Fintechnews Middle East.Lunate, a global alternative investment management company with more than $50 billion of assets under management, and BNY Mellon, one of the world’s largest custodian, 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