State Street Corporation, the provider of financial services to institutional investors, has expanded its presence in the Middle East and has opened a new office in Doha, Qatar.
The new office, located at Amwal Tower, West Bay Doha, builds on State Streets presence in the region. State Street has had a presence in Dubai since 1993.
“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,” says Peter ONeill, executive vice president and head of State Streets 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 Streets new office will provide investment servicing solutions as well as unique investment research via State Street Associates, the companys 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,” says Stuart Pearce, chief executive officer and director general of the QFC Authority. “We believe that with the quickening of Qatars 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.”
“We have been very impressed by the approach of the QFC during our evaluation process and look forward to working together,” says Ringrow.