FAB buys Bahrain’s Yasira to add private markets fund administration to its securities services arm

First Abu Dhabi Bank (FAB) acquired Bahrain-based fund administrator Yasira Financial Services, adding private markets back-office work to the securities services business it runs for regional asset managers, state news agency Wam reports. FAB didn’t disclose financial terms.

What Yasira does: Yasira administers funds across listed assets, private equity, venture capital, and real estate. For private funds, it handles the full cycle, from investor commitments and capital calls to reporting and final distributions. Yasira — formerly Crestbridge Bahrain — said it administered more than USD 7 bn in funds and structures when it rebranded in late 2023.

Private markets are the piece FAB was missing. The bank’s Middle East and North Africa Securities Services for Asset Managers platform already offers custody, fund accounting, and related services for asset managers, mostly in public markets. Yasira will be folded into it and rebranded, letting FAB sell managers a single package covering both.

Why it matters: FAB has relied on outside providers for this work even on its own products. When it launched its End of Service Benefits funds, it brought in Apex Group for fund administration, as we reported at the time.

FAB says demand is there. Linos Lekkas, the bank’s group head of investment banking and markets, said regional funds are growing larger and more complex, driving demand for integrated services. He said FAB plans to keep Yasira’s clients and invest in the platform and its staff.