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State Street contract

FINANCIAL services group State Street Ireland has been appointed to service Saudi-based NCB Capital's first ever UCITS platform in Ireland.

State Street will provide a range of fund administration and custody services including; fund accounting, financial reporting, shareholder services, transfer agency, trustee and sub-custody.

NCB Capital, Saudi Arabia's largest wealth manager, is the first Saudi institution to establish a non-Saudi registered range of funds in Ireland.

The objective of the two funds is to generate long-term capital growth by investing in listed companies in the Saudi Arabian and Gulf Co-operation Council (GCC) markets, in line with Shariah guidelines and UCITS regulations.