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SGSS mandated by BankMuscat Asset management

Societe Generale Securities Services (SGSS) has been mandated by BankMuscat (SAOG), the flagship financial services provider in Oman, to provide its asset management division with fund administration, registrar & transfer agency, domiciliary and custody services in Luxembourg.

Following a thorough review of service providers in Luxembourg, BankMuscat Asset Management selected SGSS for its ability to provide a complete solution from fund set-up through to essential services for fund operations. SGSS acts as a one-stop shop which meets all BankMuscat Asset Management’s requirements, delivering an excellent support service with dedicated staff available exclusively for the client’s teams.

SGSS offers a comprehensive range of value-added financial services for investment professionals, comprising asset managers, institutional investors, financial intermediaries and corporations. These services include clearing, custody & trustee services, retail custody services, fund administration & asset servicing, liquidity management, fund distribution services and also global issuer services.

BankMuscat is the largest bank in Oman, with a local market share of 40 per cent, over USD 18 billion of assets, capital of over USD 2 billion and a customer base of over 1.2 million. BankMuscat is listed on Muscat, Bahrain and London Stock Exchanges and is rated ‘A1’ by Moody’s and ‘A-’ by Standard & Poor’s.

Managing funds and portfolios since 1993, BankMuscat Asset Management Division is one of the leading fund managers in the Gulf Cooperation Council (GCC) region and enjoys an undisputed dominant position in Oman. The first fund house in Oman with funds rated by Standard & Poor’s, BankMuscat Asset Management Division brought the concept of mutual funds to Oman and the concept of index investing to the GCC. It manages assets of over USD 800 million across equity and fixed income strategies, primarily in the GCC countries.