Lunate, one of the four providers of the mainland End-of-Service Benefits (EOSB) Savings Scheme, recently announced new service partnerships for its EOSB Platform, Ghaf Benefits. The announcement follows the launch of six new funds by Ghaf Benefits, just a month ago.
One of the new partnerships is with BNY (Bank of New York Mellon), the world’s largest custodian, overseeing over USD 50 trillion in assets. BNY has had a presence in the UAE since 1998 before registering in the Abu Dhabi Global Market (ADGM) in 2019. In November 2024, BNY expanded its services to offer custody and fund administration after securing a Category 4 license from the Financial Services Regulatory Authority (FSRA) at ADGM.
That said, Lunate’s partnership with BNY is not entirely new. Earlier, in February 2024, Lunate appointed BNY as the administrator, transfer agent, and global custodian for all its funds, prior to which, the two companies had also established a wealth tech company, Alpheya, at ADGM in 2023. Alpheya is registered under the name Quantum Wealth Tech Limited.
The official announcement also highlights that BNY will serve as a sub-custodian, providing custody services for international securities across multiple markets. However, it is unclear whether Ghaf Benefits will also be serviced by an onshore custodian, as required by Cabinet Resolution 96/2023.
Additionally, Lunate has partnered with SS&C Technologies, that reportedly works with over 22,000 financial and healthcare companies globally. SS&C has been appointed as Administrative Services and Primary Technology Provider and will manage the technological infrastructure and bilingual call center operations for the EOSB platform.
Both BNY and SS&C are specialized service providers, and Lunate’s collaboration with these world-class firms for the mainland EOSB Savings Scheme is certainly commendable. Through these partnerships, Lunate aims to deliver institutional-grade fund management, professional administration services, and robust security measures for both, employers and employees that enroll with Ghaf Benefits.
However, the high-quality services from such global providers are not cheap, and it will be interesting to see how Lunate’s EOSB funds are priced. We will share more information on this when available.
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