State Street Opens New Office in Doha, Qatar
August 28 2008 - 12:00PM
Business Wire
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.
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