Lunate Capital LLC (Lunate), an Abu Dhabi-based global investment manager, has appointed BNY and SS&C Technologies to enhance the operations of its Alternative End-of-Service Benefits fund platform ‘Ghaf Benefits’.
The platform, designed to enhance workplace benefits for private sector employers and employees in the UAE, offers a choice of six investment funds, including both conventional and Shariah-compliant options.
Lunate’s collaboration with these specialized service providers aim to enhance the Ghaf Benefits platform’s operational efficiency and provide cutting-edge technology solutions.
BNY is the world’s largest custodian overseeing more than $50 trillion in assets, and SS&C Technologies (SS&C) is a leading provider of critical technology and services for the financial services industry.
Ghaf Benefits is among the UAE’s first digitalized end-of-service benefits platforms, offering cutting-edge features such as an automated asset allocation system for member contributions and the flexibility to allocate past and future contributions across multiple funds through an intuitive employee portal.
The platform will streamline gratuity management for employers through digital onboarding, automated contribution processing, and comprehensive compliance support. For employees, it provides real-time contribution tracking, access to a wide range of investment options, and a user-friendly portal.
Through the platform, employers and employees will benefit from institutional-grade fund management, professional administration services, and robust security measures that are provided by Lunate with support from these global service providers.
Seif Fikry Managing Partner – Lunate
“We are proud of our engagement with globally renowned service providers such as BNY and SS&C to bring Ghaf Benefits to life. These strategic engagements reflect our commitment to leverage the expertise of industry leaders with proven capabilities in managing large-scale pension platforms and providing world-class financial advisory services. This engagement will enable Ghaf Benefits to seamlessly integrate cutting-edge technologies with deep investment expertise, supporting the UAE’s vision of a more attractive and rewarding work environment. Together, we are transforming end-of-service benefits in the region — simplifying benefits management for employers while creating opportunities for employees to build long-term financial security.”
Hani Kablawi, Head of International, BNY, stated that, “In collaboration with Lunate Capital, BNY is delighted to provide custody services for its new End-of-Service Benefits scheme in the UAE.”
Nick Wright, Global Head of Global Investor & Distribution Solutions at SS&C, added that, “We are thrilled to partner with Lunate to launch Ghaf Benefits. The End-of-Service Benefits market represents a key growth opportunity in the UAE, a market we are dedicated to investing in. We look forward to working with Lunate to provide private sector employers and employees with access to this new benefits scheme through our exceptional service and leading-edge technology.”
BNY, as the sub-custodian, will provide custody services for international securities across multiple markets, drawing on its extensive experience serving major global pension funds.
As a trusted service provider to more than 22,000 financial services and healthcare companies worldwide, SS&C has been appointed by Lunate as Administrative Services and Primary Technology Provider. The firm will manage the Platform’s technological infrastructure and bilingual call center operations. SS&C has experience in administrating large-scale plans across multiple geographies.
