Dubai:– 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.”

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About State Street Global Advisors

For four decades, State Street Global Advisors has served the world’s governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of index and active strategies to create cost-effective solutions. As pioneers in index and ETF investing, we are always inventing new ways to invest. As a result, we have become the world’s fourth-largest asset manager* with US $4.34 trillion† under our care.

*Pensions & Investments Research Center, as of 12/31/22.

†This figure is presented as of March 31, 2024 and includes ETF AUM of $1,360.89 billion USD of which approximately $65.87 billion USD is in gold assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated. Please note all AUM is unaudited.

Important Disclosures:

For press use only.

Investing involves risk including the risk of loss of principal.

State Street Global Advisors Limited, DIFC branch is regulated by the Dubai Financial Services Authority (DFSA).

State Street Global Advisors Limited, DIFC Branch, OT 01-39, 1st Floor, Central Park Towers, DIFC, P.O Box 507448, Dubai, United Arab Emirates. Regulated by the DFSA. Telephone: +971 4 871 9100.

In the United Kingdom, State Street Global Advisors Limited is authorized and regulated by the Financial Conduct Authority (FCA).