Pershing lands a Gulf region family-office client

FWR Staff

4 February 2008

U.A.E.'s president cites clearing co.'s experience and breadth of services. Abu Dhabi's ruling al-Nahayan family has selected Pershing to provide its family office with of clearing, trading and other outsourced financial services.

"We selected Pershing because of expertise in developing and delivering reliable, high-quality technology solutions," says Khalifa bin Zayed bin Sultan al-Nahyan, head of the al-Nahayan clan head, which has ruled Abu Dhabi since the mid 1800s. "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."

High places

Khalifa bin Zayed is the hereditary ruler of Abu Dhabi and chairman of his family's Bin Zayed Group construction, real-estate and information-technology conglomerate.

He is also president of the United Arab Emirates, a position heads of the al-Nahyan have held since the U.A.E. was established in the early 1970s with the confederation of Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain.

Pershing has been doing business in the Persian Gulf region for more than a decade, but the al-Nahayan family office is the first regional entity to work with Pershing's Advisor Solutions (PAS) business, which is primarily a custodian and practice-management consultancy to U.S.-based wealth- and investment-management firms.

"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," says PAS' head Mark Tibergien "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."

Oil-rich Arab countries have benefited from high petroleum prices in recent years. In 2006 assets held by Middle Easterners with at least $1 million in financial assets increased 11.7%, according to Merrill Lynch's and Capgemini's most recent Wealth Report.

Last year First Gulf Bank, which is controlled by the al-Nahayan family, started providing wealth-management services.

Jersey City, N.J.-based Pershing is a subsidiary of Bank of New York Mellon. -FWR

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