Boston giant opens Riyadh as a regional HQ, while reportedly in talks to enter India's well-poised - though historically tricky - mutual fund market.
State Street Investment Management has announced a new footprint in Saudi Arabia, following a strong second-half trend of major global institutions opening up shop in the Kingdom, as well as the wider GCC.
More than a typical satellite, Riyadh will also serve as a regional headquarters for the wider MENA region following its official regulatory approval. The firm says its KSA AUM is now $60 billion, with $127 billion total under administration, and Riyadh is one of 11 locations worldwide where portfolios are managed locally.
"We have seen keen interest from clients and prospects in the Kingdom, while global investors are excited about the opportunities the region presents," Emmanuel Laurina, Head of Middle East, Africa & Official Institutions at State Street Investment Management, said. "This new headquarters helps position us as a global leader in investment solutions and product innovation in the Middle East as one of the fastest growing and most significant economic regions in the world."
Meanwhile, further east, Bloomberg first reported the firm is also in discussions to acquire a domestic mutual funds complex in India, giving it a foothold in an estimated $900 billion market widely seen as one of the world's largest retail investment opportunities.
While the name of the firm is not yet public, the buy would include technology integration and model portfolio construction for the Indian market and reflect similar moves by American and European peers who have sought onshore strategic partners there.
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