Global custodian State Street has struck a strategic alliance with First Abu Dhabi Bank (FAB) in order to develop an asset servicing offering for institutional investors.
The alliance will combine FAB’s large direct custody network in the Mena region with State Street’s global resources.
According to a statement from the two companies, Mena’s institutional investors will gain access to 100 international markets and all major listed and unlisted asset classes.
There will also be access to State Street’s front to back office outsourcing services.
“The Middle East investment landscape is distinctive with some of world’s largest sovereign wealth funds alongside a diverse range of private investment institutions,” said Hana Al Rostamani, group chief executive officer of FAB.
“These investors require access to sophisticated investment tools and solutions across both their Mena and global investments.”
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