Lunate and BNY Mellon Join Forces to Launch Alpheya, a $300M Tech Venture for Wealth Management in MENA
Portfolio Pulse from Benzinga Newsdesk
Lunate and BNY Mellon (NYSE:BK) have partnered to create Alpheya, a new company that will provide a wealth management technology platform for the MENA region. Alpheya, based in Abu Dhabi Global Market, is backed by a $300 million capital commitment and will begin serving clients in 2024. BNY Mellon holds a minority stake in Alpheya.
November 21, 2023 | 9:12 am
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BNY Mellon has partnered with Lunate to invest in Alpheya, a wealth management technology platform for the MENA region, with a $300 million capital commitment and a minority stake in the new company.
The creation of Alpheya with a significant capital commitment indicates a strategic expansion for BNY Mellon into the MENA region's wealth management technology sector. This move could be viewed positively by investors as it represents growth and diversification of services. The minority stake ensures involvement without overexposure. The impact is likely to be positive in the short term as the market reacts to BNY Mellon's strategic investment and potential for new revenue streams.
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