BNY Mellon has deployed its cloud native data platform for the first time in the UAE, after being commissioned by Lunate Capital, the Abu Dhabi-based global alternative investment manager, to provide it with a data operating model.
Lunate Capital, which has >USD50bn AuM, recently appointed BNY Mellon as administrator, transfer agent and global custodian for all its funds. In 2023 Lunate and BNY Mellon invested in a new company, Alpheya, that will develop a wealth management technology platform for wealth and asset managers in the Middle East and North Africa. Based in the ADGM, Alpheya will be funded with a capital commitment of USD300m and is expected to start servicing clients in 2024. BNY Mellon has a minority share in the company.