Fund-Technology.com

State Street opens offices in Qatar

Posted: 28 August 2008

State Street Corporation announced that it has expanded its presence in the Middle East and has opened a new office in Doha, Qatar.

State Street is expanding its presence in the Middle East to capitalise on growing market opportunities.

"The Middle East is home to some of the largest and most sophisticated sovereign wealth funds in the world who stand to benefit from the broad range of solutions that State Street can offer," said Peter O'Neill, executive vice president and head of State Street's Investment Servicing and Investment Research and Trading businesses in the United Kingdom, South Africa and the Middle East. "Expanding and deepening our 15-year presence in the Middle East will be key to ensuring we take advantage of the many opportunities in the region."

State Street's new office will provide investment servicing solutions as well as unique investment research via State Street Associates, the company's research partnership with academia. Rod Ringrow, senior vice president of State Street, will be the managing director of the new office from October.

"The Qatar Financial Centre is pleased to welcome State Street to Qatar, and is delighted that they are establishing a presence here," said Stuart Pearce, chief executive officer and director general of the QFC Authority. "We believe that with the quickening of Qatar's economic growth and the developing role of Qatar in the region and internationally, its presence in this market is a significant step both for it and us."

State Street provides a range of investment services and asset management solutions to central, commercial and Middle Eastern banks; government institutions; and investment companies.

Back to news