Lunate, the Abu Dhabi-based alternative investment management company with >USD50bn AuM, and BNY Mellon are investing in a new company, Alpheya, that will develop a customised wealth management technology platform for wealth and asset managers in the Middle East and North Africa. Based in the Abu Dhabi Global Market (ADGM), Alpheya will be funded with a capital commitment of USD300m and is expected to start serving clients in 2024. BNY Mellon has a minority share in the company.
The new fintech will meet the growing demand in the Middle East from wealth and asset managers, private banks, and investment houses, for an end-to-end digital solution that delivers a range of services, including client onboarding, financial planning, portfolio construction, trading and rebalancing, risk management reporting, and analytics.