Boston and Doha, Qatar – August 28, 2008 – State Street Corporation (NYSE: STT), the world’s leading provider of financial services to institutional investors, today announced that it 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 Street’s 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,” 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.”
Added Ringrow, “We have been very impressed by the approach of the QFC during our evaluation process and look forward to working together."
State Street provides a range of investment services and asset management solutions to central, commercial and Middle Eastern banks; government institutions; and investment companies.
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha, designed to attract international financial services institutions and major multi-national corporations into the growing market for financial services in Qatar and elsewhere in the region. The QFC provides a first class legal and business infrastructure for firms operating within the QFC. The Centre consists of the QFC Authority and the QFC Regulatory Authority, as well as an independent judiciary. The QFC Authority is responsible for commercial strategy and for developing relationships with the global financial community and other key institutions both within and outside Qatar with a view to promoting Qatar and facilitating investment in the country.
State Street Corporation (NYSE: STT) is the world's leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $15.3 trillion in assets under custody and $1.9 trillion in assets under management at June 30, 2008, State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Street’s web site at www.statestreet.com .