Finance
State Street Boosts Team to Chase Bigger Slice of Middle East Trillions
- Firm is building out a Dubai-based team of investment advisors
- It’s also applying for a regional HQ license in Saudi Arabia
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State Street Corp., which manages $4.4 trillion globally, is expanding its presence in the Middle East to tap into the growing pools of wealth across family offices and hedge funds that have flocked to the region.
The firm is building out a Dubai-based team of investment advisors and hiring a Riyadh-based team of portfolio managers, Oliver Berger, the head of the strategic growth markets unit said in an interview. The expansion is underpinned by State Street’s estimates that show financial assets in the region are set to grow to $9 trillion by 2027, from about $6 trillion currently, he said.