First Abu Dhabi Bank Buys Bahrain Fund Administrator Yasira Financial Services

The deal adds fund administration to the custody services FAB already sells for public-market assets. Fund administration is the back-office work of keeping a fund's books, handling investor money and producing reports. FAB said putting the two together would let it offer asset managers and institutional investors a single securities services platform across public and private markets.

Private markets are where the deal matters most. Money in private equity, venture capital and real estate funds is committed up front and drawn down over several years, so these funds need more administration than a portfolio of listed shares. According to the bank's statement, Yasira's platform covers that whole cycle, from investor commitments and capital calls to allocations, financial reporting and final distributions. It works across a range of entities, structures and jurisdictions and supports public-asset, private equity, venture capital and real estate strategies.

The acquired business will be rebranded and integrated into FAB's securities services franchise, which the bank markets as MENASSA Securities Services. FAB said the combined offering would pair Yasira's fund administration with its own regional and global custody, cash management and foreign-exchange capabilities.

"The regional funds industry continues to grow in scale and sophistication, driving demand for integrated servicing capabilities," said Pantelis (Linos) D. Lekkas, FAB's group head of investment banking and markets. He called the purchase "an important step in strengthening FAB's Securities Services franchise" and said its services were aimed at the needs of Middle East based clients.

Lekkas said FAB would focus first on keeping Yasira's existing clients served without disruption. "Our priority will be to ensure continuity for Yasira's clients while investing in the platform, talent and capabilities needed to support their growth," he said, adding that fund managers in the region were working across "increasingly complex investment structures and jurisdictions."

Yasira was previously called Crestbridge Bahrain. It took its current name in a rebrand announced in December 2023 and is headquartered in Bahrain Financial Harbour. At the time of the rebrand, the company said it administered funds and structures "totalling more than US$7 billion in assets", and listed its services as fund and trust administration, corporate solutions, ESG consulting, and data analytics and reporting. FAB's announcement did not give a current figure for assets under administration.

The purchase gives the Abu Dhabi-listed lender an operating base in Bahrain, which has long hosted much of the Gulf's fund-servicing industry. FAB has not said when the rebranding will happen or what the business will be called once it is integrated.