Global custodian State Street has expanded its Middle East presence by opening its first office in Abu Dhabi.
The Abu Dhabi office will be based in the emirate’s international financial centre, Abu Dhabi Global Market, and be led by Oliver Berger, senior executive officer for State Street Bank and Trust, and Emmanuel Laurina, senior executive officer for State Street Global Advisors.
The office opening is in response to growing optimism among investors about economic prospects in the region.
Research from State Street found that 75% of Mena-based institutional investors foresee growing inflows into Mena-domiciled funds and 83% believe the inclusion of Saudi stocks in emerging market stock indices is a major driver of the growth in demand.
According to State Street, its new office will strengthen its service offering in global custody, accounting, risk and performance analytics, and securities lending.
©2018 funds global mena