Lunate and BNY Mellon invest $300 million in MENA-focused platform

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Lunate and BNY Mellon invest $300 million in MENA-focused platform
Credit: © Reuters.

Lunate, an Abu Dhabi-based global alternative investment firm, has partnered with BNY Mellon (NYSE: BK ) to launch Alpheya, a new company set to deliver a state-of-the-art digital wealth and asset management platform to the Middle East and North Africa (MENA) region by 2024. The collaboration brings together Lunate's significant regional presence and BNY Mellon's technological prowess in the wealth management sector.

The initiative is backed by a robust investment of $300 million and will see Alpheya's operations based in the Abu Dhabi Global Market. The platform aims to provide an advanced end-to-end digital solution tailored specifically for the needs of MENA region's wealth and asset managers. This technology is designed to support growth throughout the investment life cycle while adhering to the local data regulations.

Roger Rouhana, CEO of Alpheya, highlighted that this strategic move is expected to greatly streamline operations for wealth managers across the region. Seif Fikry, representing Lunate, expressed confidence that the partnership will significantly transform financial services within MENA and further solidify Abu Dhabi's status as a premier global hub for wealth management.

BNY Mellon, holding a minority share in Alpheya, brings its extensive experience as the world's largest custodian bank with $45.7 trillion in assets under custody/administration and $1.8 trillion AUM as of September 30, 2023. Akash Shah from BNY Mellon emphasized their role in equipping Alpheya with top-tier technology expertise, enhancing scalable development among regional managers.

The collaboration marks a pivotal step in addressing the growing demand for sophisticated digital tools in wealth management within the MENA region. Both Lunate, with its $50 billion AUM across diverse private market segments, and BNY Mellon aim to leverage their combined strengths to drive innovation and efficiency in this dynamic financial landscape.

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