Boston-headquartered State Street Corp (NYSE: STT) has entered into a new strategic alliance with First Abu Dhabi Bank PJSC (FAB), the largest bank in the United Arab Emirates (UAE) to serve institutional investors within the Middle East’s wealthiest countries.
What Happened: According to a joint press statement issued by the companies, State Street’s suite of front-, middle- and back-office capabilities and its data management and analytics solutions will be integrated with FAB’s regionalized suite of securities services products, local expertise and regional direct custody network.
As a result, the companies said, investors will enjoy an “extensive reach into more than 100 markets around the world, an unrivalled product range servicing all major listed and unlisted asset classes, delivered by in-country client service teams in the UAE, Saudi Arabia, Kuwait, Oman, Bahrain and Egypt.”
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Why It Matters: FAB’s Group CEO Hana Al Rostamani pointed out that the Middle East is home to “some of world’s largest sovereign wealth funds, alongside a diverse range of private investment institutions,” adding that the new alliance with State Street will deliver “leading capabilities across the entire investment value chain that cater for the characteristics of regional and global investments.”
FAB has $256 billion in total assets as of March 31, while State Street has $40.3 trillion in assets under custody and/or administration and $3.6 trillion in assets under management.
(Photo: Abu Dhabi skyline courtesy of MaxPixel.com.)
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