The two are joining forces in the region to offer institutional investors a "full-service" investment offering.
The alliance will provide MENA institutional investors access to more than 100 markets globally, including all major listed and unlisted asset classes, managed by client service teams in the UAE, Saudi Arabia, Kuwait, Oman, Bahrain and Egypt, the partners announced yesterday.
State Street will provide front, middle and back office services in addition to its data management and analytics solutions.
“The Middle East investment landscape is distinctive with some of the world’s largest sovereign wealth funds alongside a diverse range of private investment institutions. These investors require access to sophisticated investment tools and solutions across both their MENA and global investments,” group chief executive of FAB, Hana Al Rostamani, said.
“The alliance between FAB and State Street creates a unique platform, delivering leading capabilities across the entire investment value chain that cater for the characteristics of regional and global investments,” she said.
The Boston Consulting Group's annual survey of global asset management reported that AuM in the Middle East and Africa rose by 12 per cent in 2020, outpacing Europe and Asia-Pacific.
Ron O’Hanley, chairman and chief executive of State Street said the partnership should bring operational efficiencies, mitigate risk and costs, and help clients navigate complex regulation “by leveraging the best of both global and regional expertise offered by the collaboration.”
Based in Abu Dhabi, FAB is the UAE’s largest bank, with total assets of AED 941 Billion ($256 billion) as of 31 March 2021.