SFS named best GCC Custodian

Manama : Securities & Investment Company (SICO), licensed by the Central Bank of Bahrain as a conventional wholesale bank, announced yesterday that its wholly-owned subsidiary – SICO Funds Services Company (SFS) – has been named ‘GCC Best Custodian’ by the World Finance GCC Investment & Development Awards 2016. SFS was selected from a final shortlist of nominees comprising four global and regional financial institutions.

With its roots going back to 1998 when SICO established an in-house custody unit, SFS was created in 2004 by spinning off this unit as an independent, specialised custody and fund administration firm. 

Acknowledging the prestigious award, SFS Chairperson and Chief Executive Officer of SICO, Najla Al Shirawi, said: “Despite increasingly challenging and competitive market conditions, SFS continues to win new mandates from leading regional financial institutions. Significantly, assets under custody with SFS have grown from US$265 million in 2004 to US$4.64 billion as at 30 September  2016, which constitutes a remarkable achievement.”

The annual World Finance Awards were introduced in 2010 to recognise leading GCC financial institutions who are driving development and prosperity. 

Selection criteria includes leadership and innovation; a forward-looking competitive strategy, quality of service and delivery; corporate governance; and transparency and disclosure.