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[2008-09-10] D. Bank to Act as Custodian to ADX Listed Companies
Abu Dhabi Securities Exchange (ADX) and Deutsche Bank have signed a custody agreement which will allow custody services of ADX-listed shares to institutional investors.
This will encourage and facilitate further international investment in Abu Dhabi which will lead to a broadening of the Exchange’s international investor base.
Tom Healy, chief executive of ADX explained that this would be of particular interest and benefit to foreign investors, as Abu Dhabi is a rapidly growing economy and ADX is responding to investor demands to diversify the services on offer.
He said that currently, 12 per cent of listed ADX stock is owned by foreign investors and while the execution of trade takes place through brokers, a custodian performs key functions such as opening cash and securities accounts, settlement of trades, collection of dividends and safeguarding clients’ assets. Tom Healy said that increasing foreign investment in Abu Dhabi’s capital market is an integral part of the government’s strategy.
