SICO Funds Services (SFS)

2019 Highlights

  • Appointed new CEO
  • Grew assets under custody to USD 7.4 billion from USD 6.2 billion last year
  • Signed new mandate to be a service provider for Bahrain Fintech domiciled businesses at Bahrain Fintech Bay

2019 Operational Review

SFS is a leading regional Fund Service provider licensed by the Central Bank of Bahrain, established in 2004 as a wholly owned subsidiary of SICO. SFS provides a fully integrated support service for investment funds, portfolios, sukuk, and various structured financial instruments. With a proven track record spanning nearly two decades, SFS has been supporting their expanding client base with highquality solutions for administration, custody and registrar services including settlement of securities transactions, safekeeping of custody assets, corporate actions, valuations, reporting, paying agent and corporate services, among others.

As one of GCC’s most successful and highly regarded fund service provider, the company anchors its success in its client-centric approach and its utilization of technology tools, processes, and delivery platforms. This winning formula enables SFS to offer clients innovative, flexible, and seamless service offerings. While SFS is backed by SICO’s long-standing brand equity in the region, it operates independently with its own executive management and Board of Directors, and functions on a strictly arm’s-length basis with SICO’s Brokerage and Asset Management businesses.

2019 Operational Review

In 2019, SFS achieved net profit of BD 424 thousand (USD 1,126,000). Total custody, administration and registrar fees earned was BD 703 thousand (USD 1,865,000). Assets under custody was BD 2.8 billion (USD 7.4 billion) in 2019.

2020 Outlook

Looking forward to 2020, SFS has embarked on a new strategy that will include a complete restructuring of the business as an independent entity that leverages the synergies that it has with parent company, SICO but maintains a separate brand identity.

Plans are currently in the works to introduce new lines of business and pursue both organic and non-organic growth opportunities.

SFS will continue to work to upscale its business by acquiring technology systems that enhance custody, administration, and registrar services through composite reporting and analytical tools with features such as an online customer portal to improve services to clients.