Calastone, the global transaction network for the funds industry, today welcomed the National Bank of Abu Dhabi (NBAD) Global Asset Management to its global order routing community.
NBAD was Abu Dhabi's first local bank and played a pioneering role in building the country's financial system. Today, NBAD has one of the largest networks of branches and offices domestically in the UAE, and international offices in 18 countries.
Calastone has been successfully serving its fund manager, distributor, platform, custodian and fund administration clients since it launched in 2008. Today, more than 760 clients in 22 domiciles around the world are connected to its global transaction network. This announcement marks the connection of Calastone's first UAE client and further expansion into the Middle East, which it recognises as a globally significant region in providing both inward and outward distribution for its customers.
Commenting on the announcement, Julien Hammerson, Chief Executive Officer at Calastone said, "It is a testimony to our standing in the market that NBAD have chosen to transact their orders over Calastone's global network and we look forward to helping the bank reap the significant operational cost and risk reduction benefits that transaction automation can deliver and offer yet further international distribution."
Saleem Khokhar, the Executive Director and Head of Fund Management & Equities of the NBAD added, "As a top-tier financial institution, we are continually striving to offer our customers access to a range of financial products and services designed to suit their investment requirements. Highly efficient and effective distribution and processing are key elements in providing excellent customer service, and we believe that being connected to Calastone's global network will further help us achieve these important objectives."