Abu Dhabi-based global alternative investment management company Lunate which manages $50 billion in assets and US-based investment bank BNY Mellon will launch Alpheya, a new wealth technology company, according to an announcement.
The new firm, which will be set up in the Abu Dhabi Global Market (ADGM), is anticipated to begin providing client services in 2024 and will be financed with a $300 million capital commitment.
Alpheya is set to meet the increasing need for an end-to-end digital solution that offers a variety of services, such as client onboarding, financial planning, portfolio construction, trading and rebalancing, risk management reporting, and analytics, from wealth and asset managers, private banks, and investment houses in the Middle East and North Africa.
It will benefit from BNY Mellon's global wealth technology experience as a minority stakeholder.
Chimera Investment, a private company based in Abu Dhabi, established Lunate, an independent alternative investment firm, in September 2023.
Lunate currently manages over $50 billion in assets.
Lunate, which is also headquartered at the ADGM, is involved in real estate, public equities, private credit, venture capital, and private equity.
Throughout the region, BNY Mellon serves a variety of governments, financial institutions, sovereign wealth funds, and other clients.
It provides its clients with corporate trust, treasury, asset servicing, and ancillary services.
By the end of September of this year, the New York-based investment bank had $45.7 trillion in assets under custody or administration and $1.8 trillion in assets under management.