Pershing inks deal with Bin Zayed Group
30 January 2008 | 1515 views | 0
Source: Bank of New York Mellon Corporation
Pershing Advisor Solutions LLC, a subsidiary of The Bank of New York Mellon Corporation, announced today that it has established a business relationship with the family office of the Bin Zayed Group.
The relationship enables Pershing Advisor Solutions and its affiliate, Pershing LLC, to provide the Bin Zayed Group's family office with its comprehensive array of clearing, trading and financial services outsourcing solutions. The Bin Zayed Group is headquartered in Dubai and is a leading conglomerate with diverse business interests worldwide.
Pershing Advisor Solutions' agreement with the Bin Zayed Group's family office represents its first business relationship in the Middle East and builds upon nearly a century of business growth in the region for The Bank of New York Mellon. The agreement also reflects Pershing LLC's long-term commitment to provide leading financial organizations in the Middle East with a broad array of business solutions, which Pershing has been doing since 1994.
Sheikh Khaled Bin Zayed Al Nehyan, chairman of Bin Zayed Group, said, "We selected Pershing because of their robust clearing and execution services in more than 60 markets worldwide and their expertise in developing and delivering reliable, high-quality technology solutions. Pershing's experience and breadth of services and solutions will provide us with the support we need to effectively manage the diverse needs of our family office."
Mark Tibergien, managing director at Pershing Advisor Solutions, said, "This new relationship further extends Pershing's international reach as a leading global provider of business solutions to many of the world's leading institutional and retail financial organizations. We are excited about the opportunity to put our industry experience and expertise to work for the Bin Zayed Group's family office and are committed to helping them meet their business objectives."
The Bank of New York Mellon has relationships in the Middle East dating back to the early 1900s and conducts business through its Dubai International Financial Centre branch and its regional representative offices in Abu Dhabi, Beirut, Cairo, Istanbul and Johannesburg. In addition to being the global leader in asset servicing, The Bank of New York Mellon is one of the largest asset managers, treasury services providers and depositary receipt banks both regionally and globally.
The Bin Zayed Group of companies is a conglomerate with diverse business interests in the local and international markets. The company was first established in 1988 by H.E. Sheikh Khaled Bin Zayed Al Nehyan as its chairman. The group includes 20+ companies in industries that range from Property Development, Information Technology, Health Care and Pharmaceuticals , Home Furnishing, Luxury Yachts, Management Consultancy, Media and Publishing and Financial Services. In addition, the group is an active investor in U.A.E., MENA and the global capital markets across several asset classes.