BNY Mellon appointed as custodian for UAE ETF

BNY Mellon has been appointed as fund administrator and custodian for a United Arab Emirates (UAE) based exchange traded fund (ETF).

The Afkar S&P UAE UCITS ETF is the first ETF to be launched in the region since new investment regulations, designed to provide increased protection for investors, were implemented by the UAE in 2014.

The ETF will list on the Dubai Financial Market under the symbol ‘UAETF’ and has been designed to replicate the S&P UAE BMI Liquid 20/35 Capped Index, which represents the largest stocks, by capitalisation in the UAE.

BNY Mellon currently supports 35 ETF issuers offering 605 portfolios in the US, Europe and Asia with a total of $286 billion in net assets.

“BNY Mellon has a long history supporting the unique servicing needs of ETFs,” said Tarek Sherlala, BNY Mellon’s head of asset servicing for the Middle East and Africa.

“Our advanced technology and highly regarded services are supporting Afkar’s launch of this exciting initiative.”