State Street Expands to Saudi Arabia

State Street, a US-based asset manager, will offer local fund administration services in Saudi Arabia after obtaining the necessary MIOF licence from the kingdom’s Capital Market Authority.

The licence allows the firm to formally offer fund administration services locally, creating a fully integrated end-to-end investment servicing model in Saudi Arabia. This development is a result of growing demand for local asset servicing capabilities as Saudi Arabia continues to expand its capital markets under its Vision 2030 transformation agenda.

State Street has long supported clients in Saudi Arabia through its global platform and existing capabilities in the Kingdom. The expanded licence enables institutional investors, asset managers, and asset owners to establish, operate, and service funds entirely within Saudi Arabia.

Oliver Berger, head of Strategic Growth Markets at State Street, said this is a significant step in how they support their clients in Saudi Arabia, as well as their global clients as they continue to invest in and expand their presence across the Middle East. With the ability to manage and administer funds locally, they are strengthening their position as a long-term partner to both global and local institutional investors, providing enhanced market access and on-the-ground capabilities in the region.

The new licence enables State Street to provide scalable investment servicing infrastructure to Saudi Arabia’s asset management ecosystem, supporting the continued growth of the Kingdom’s capital markets and broader financial sector. They have served clients in Saudi Arabia for more than 25 years and established local operations in the Kingdom in 2020, followed by the launch of its Middle East and North Africa regional headquarters in Riyadh.

State Street’s commitment to Saudi Arabia is evident in the addition of fund administration to its licensed capabilities, which complements its existing custody and investment services offering. They offer fund administration services in Saudi Arabia, including fund accounting, financial and regulatory reporting, investment compliance monitoring, and tax reporting.

Rainer Kasch, interim head of the Kingdom of Saudi Arabia & Bahrain at State Street, added that obtaining the licence is an incredibly important step, but now they have to focus on how they deploy this for client outcomes. The addition of fund administration to its licensed capabilities complements its existing custody and investment services offering and represents an important milestone in the firm’s long-term commitment to Saudi Arabia as a strategic growth market.

State Street is well-positioned to support the needs of its clients in Saudi Arabia and across the Middle East, given its extensive experience in the region and its commitment to providing high-quality services.