First Abu Dhabi Bank (FAB) has acquired Bahrain-based Yasira Financial Services to expand its fund administration business.

Financial details of the transaction were not disclosed.

FAB acquired a 100 percent stake in Yasira, which provides fund administration and trust services across public and private markets.

Yasira supports investment strategies covering public assets, private equity, venture capital and real estate.

For private-market funds, its services cover investor commitments, capital calls, allocations, financial reporting and distributions.

The acquisition will allow FAB to combine Yasira’s fund administration capabilities with its existing custody, cash management and foreign exchange services.

Pantelis (Linos) D. Lekkas, Group Head of Investment Banking & Markets at FAB, said,

“Our priority will be to ensure continuity for Yasira’s clients while investing in the platform, talent and capabilities needed to support their growth. Together, we will bring greater regional scale and local market expertise to fund managers operating across increasingly complex investment structures and jurisdictions.”   

Yasira will be rebranded and integrated into FAB’s Securities Services business.

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