The Omani Staff Pension Fund for Petroleum Development Oman (PDO) has appointed State Street as its global custodian.
The PDO, one of Oman’s largest public sector bodies, has been a long-standing client of State Street Global Advisors, the US bank’s asset management arm.
The custody mandate, comprising more than $2.3 billion in assets, will mean that the PDO will have a single source of information for all of its reporting and asset servicing needs, said Oliver Berger, head of the Middle East and North Africa at State Street.
“By consolidating its current providers, PDO will benefit from having a single point of contact and consistency across all of its data and reporting; as well as gain access to our global presence and deep local insight within the GCC,” said Berger.
“We are looking forward to this partnership which offers us important benefits, business opportunities, and enhances our relationship with State Street,” said Haifa Al Khaifi, finance director and chairperson of the Omani Staff Pension Fund at PDO.
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