DUBAI May 8, 2024 – State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT) has announced the opening of its new office in the Dubai International Financial Centre.
The State Street Global Advisors regional asset management activities were previously managed from Abu Dhabi; these activities will now be consolidated in Dubai and Riyadh.
The wider State Street group will grow its presence in Abu Dhabi, which will see it almost double its staff in the region with a focus on investment servicing and the Alpha platform – State Street’s multi-asset class front-to-back office and data business.
State Street Global Advisors has been supporting institutional investors in the Middle East for more than 30 years, having established its first local presence in 1992.
The State Street Global Advisors Dubai office represents State Street’s fourth location in the Middle East, alongside Abu Dhabi, Riyadh and Muscat.
Yie-Hsin Hung, CEO at State Street Global Advisors, commented:
“The Middle East is a strategic focus for our business, and the establishment of our Dubai office as one of the centres for our asset management business is an important step in growing our presence here. We have longstanding roots and significant client AUM in the GCC and look forward to supporting clients further by growing our team and investing in the region.”
Arif Amiri, Chief Executive Officer, DIFC Authority, said:
“We are thrilled to welcome State Street Global Advisors back to DIFC. Dubai remains a prominent global hub for wealth and asset management firms, with north of 370 leading firms within DIFC today. This concentration of wealth, stemming from sovereign funds, family offices, and ultra-high net worth individuals, combined with the Centre’s proven track-record of over two decades, continues to attract top-tier wealth and asset managers from across the globe.”
“State Street Global Advisors’ investment in DIFC underscores our ability to attract top talent; our commitment to enable long-term business success for our clients; and further solidifies DIFC’s standing as a premier global destination for wealth and asset management.”
Emmanuel Laurina, Head of Middle East & Africa at State Street Global Advisors, commented:
“We believe our location strategy puts us in a unique position to compete for talent, develop new capabilities and distribution channels, and continue serving our strategic client relationships, some dating back more than two decades.”
“The GCC’s asset management industry has shown remarkable resilience despite global macroeconomic headwinds. Our expanded presence supports our efforts to continue providing exceptional service and value to our local clients.”
