Financial services giant State Street Corporation, which holds $51.7 trillion in assets under custody and $5.4 trillion in assets under management globally, has launched its MENA regional headquarters in Riyadh.

State Street has been active in the Middle East for over three decades, partnering with sovereign wealth funds, pension schemes, central banks, and asset managers.

State Street manages an AUM of $60 billion for its clients in kingdom and its assets under custody and/or administration have grown to $127 billion. It started local operations in 2020.

“We have seen keen interest from clients and prospects in the kingdom, while global investors are excited about the opportunities the region presents. This new headquarters helps position us as a global leader in investment solutions and product innovation in the Middle East,” said, Emmanuel Laurina, Head of Middle East, Africa & Official Institutions at State Street Investment Management.

Last year, State Street Saudi Arabia became the 11th global investment centre of State Street Global Advisors, enabling the firm to locally manage portfolios for institutional investors in the kingdom.

(Writing by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@lseg.com)