ABU DHABI: U.S. financial services provider State Street Corporation opened a new office in Abu Dhabi on Monday, expanding in the United Arab Emirates as it eyes growth prospects in the Middle East region.
State Street, with US$2.7 trillion in assets under management, has an office in Dubai, the regional financial hub for the last 26 years.
Its new office will be in the Abu Dhabi Global Market (ADGM), a financial free zone, State Street said in a statement.
The office will serve Middle East clients in areas including global custody, accounting, risk and performance analytics and securities lending as well as multi-asset and active investment management, it said.
State Street, with a presence in over 100 markets, will be led in the Middle East by Oliver Berger, senior executive officer for State Bank & Trust and by Emmanuel Laurina, senior executive officer for State Street Global Advisors.
(Reporting by Stanley Carvalho; editing by Jason Neely)