Omani Bank Muscat automates investments with Charles River tools
Oman’s Bank Muscat has installed tech firm Charles River’s investment management solution for its asset management business in the Arabian country, which covers equity and fixed income.
Bank Muscat’s asset management division has existed since 1993, and currently has $1.2 billion in assets under management. The bank brought the concept of mutual funds to Oman and claims to have brought the concept of index investing to the GCC for the first time.
Bank Muscat is using the Charles River technology to automate its portfolio management, trading, compliance monitoring and performance measurement and attribution.
“Asset managers in the Middle East, like Bank Muscat, attract international investors and assets by incorporating new investment strategies and instruments into their portfolios,” said Stephen Butcher, managing director-EMEA, Charles River. “Through our experience in these local markets we help investment firms across the region standardise and automate their investment operations to support expansion and control risk.”
Oman is a key market in the Gulf region. The country recently approved plans for a $3 billion railway line, partly intended to provide an alternative route for oil and freight shipments that currently pass through the Strait of Hormuz, which is dominated by Iran. The project also aims to link up with the port city of Salalah in south-eastern Oman.