Search DubaiPRNetwork.com

Home >> Banking & Investments

State Street Expands Middle East Presence with New Abu Dhabi Office in Response to Region's Significant Growth Prospects

Monday, September 10, 2018/ Editor -  

Share

Home >> Banking & Investments

New Research from State Street Reveals Institutional Investors Are Bullish on MENA Growth

Abu Dhabi, UAE, September 10, 2018:  State Street Corporation (NYSE: STT) announced today the opening of its first Abu Dhabi office, which will be located in the Abu Dhabi Global Market (ADGM), the country’s international financial centre. This is the firm’s second office in the United Arab Emirates, building on its 26-year presence in Dubai. To mark this milestone, State Street also unveiled a research1 paper that draws on survey responses from 306 institutional investors based in the Middle East and North Africa (MENA) responsible for more than USD $4.9 trillion in assets under management (AUM), who were asked about their outlook for growth and future economic trends in the region.

According to the research, more than three quarters (78 percent) of those surveyed are optimistic about their own growth prospects in the Middle East. As a result of this optimism, 75 percent foresee growing inflows into Gulf Cooperation Council (GCC) domiciled funds over the next five years. 

“To find this level of concurrence and optimism among major institutions is unusual,” said Liz Nolan, chief executive officer (CEO), EMEA, State Street and chairperson for State Street Global Advisors, EMEA. “The results show there is an almost universally positive outlook and prediction of growth in MENA. Having had a presence in the region for more than a quarter of a century, we have a unique perspective on the institutional investor community, and their positive outlook mirrors our own.” 

In a sign of growing sophistication and increasing risk appetite, 91 percent plan to diversify their portfolios to historically complex asset classes including: emerging market equities, hedge funds, and infrastructure. Furthermore, 42 percent state they will increase their allocation to exchange traded funds (ETFs); and almost three quarters (73 percent) believe there will be growth in demand for funds which are led by environmental, social and governance (ESG) considerations. 

Amongst the major initiatives identified as providing impetus for the development of the GCC region as a financial hub, Saudi Arabia is seen as an engine of growth, with key drivers of inflows cited by 83 percent of respondents as the inclusion of Saudi stocks in emerging market indices, as well as the Saudi Vision 2030 economic plan, which was cited by 74 percent of participants.

The optimism about the economic outlook for the region is complemented by State Street’s expansion. The firm’s new office will strengthen its current service offering for its Middle East clients in areas including global custody, accounting, risk and performance analytics, and securities lending, as well as indexed, overlay, multi-asset and active investment management.

“We extend our heartiest congratulations to State Street Corporation and welcome them to the ADGM family. State Street joins a rapidly growing list of global financial institutions that have chosen to anchor their operations in ADGM to better serve a fast-growing region with dynamic business and investment needs,” said Richard Teng, CEO, Financial Services Regulatory Authority, ADGM. “The strong endorsement by State Street demonstrates its confidence in the exciting prospects and opportunities offered by Abu Dhabi and the region. Their branch office attests to ADGM’s strengths as a fast-growing and award-winning international financial centre. We look forward to supporting State Street in its global growth aspirations.”

The firm’s presence in the Middle East will 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.

View State Street’s full 2018 Middle East and North Africa Regional Survey to find out more on drivers for growth, evolving investment strategies and data management outlook.

1 State Street commissioned Oxford Economics to conduct a survey of 306 investment professionals in the Middle East and North Africa (MENA) region, during August and September of 2018. Respondents represented sovereign funds, central banks, asset managers and pension funds. The survey captured views on MENA capital markets trends and evolving investment strategies.

 


Previous in Banking & Investments

Next in Banking & Investments


Home >> Banking & Investments Section

Latest Press Release

Face Shields Now Required for Cebu Pacific Passengers

Malabar Gold & Diamonds Opens 2 New Showrooms as Part of Its Global Expansion Pl ...

SEHA Extends Operating Hours for Specialities in Demand

New Month, New Goals

Four UAE startups among the 12 Fintech Companies Selected for Village Capital's ...

Up to €500,000 to Support the Most Promising Innovators: The Agrofood BIC Accele ...

Emirates Glass Emicool Sun T Series Leads Way as the Most Preferred Coating Opti ...

Sedar Global's Top Tips For Designing And Decorating A Kid's Space

Back to Back Monuments on the Horizon for UAE Team Emirates With Milano-sanremo ...

Jaguar Land Rover Teaches Driverless Cars How to Reduce Motion Sickness

Dubai International Academy Announces 99% Passing Rate for MYP Certificate

Kia Motors Collects Over 2,000 Pairs of Football Boots via UEFA Europa League Tr ...

Pre-Orders for Samsung's Galaxy Note20 and Galaxy Note20 Ultra Now Open in the U ...

Etihad Airways Reports Strong Start to 2020 With Second Quarter Heavily Impacted ...

HONOR 2020 H1 Business Achievements in International Markets

National Geographic Abu Dhabi Launches Sharkfest 2020 on 5th August 2020 at 9 Pm ...

Samsung Launches Galaxy Watch3 and Galaxy Buds Live

Make Up for Ever Introduces for the First Time Its New Active Care-in-foundation ...

UPS Releases 2Q 2020 Earnings

The Last Few Weeks of Dubai Shopping Mall Group's Summer Promotion