State Street Inks Strategic Alliance with First Abu Dhabi Bank

State Street Corporation (State Street), one of the world's largest servicers and managers of institutional assets, Monday announced its strategic alliance with First Abu Dhabi Bank PJSC (FAB), the UAE's largest bank and one of the world's largest and safest institutions.

The new alliance will leverage FAB's regional securities services expertise, incorporating the largest direct custody network in the Middle East and North Africa (MENA), and State Street's global strength and capabilities. Clients will have access to State Street's full suite of front, middle and back office capabilities, in addition to its extensive data management and analytics solutions.

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According to the official press release, the alliance will create a full-service enterprise offering for institutional investors in the region. It will provide MENA investors with extensive reach into more than 100 markets around the world, an unrivalled product range servicing all major listed and unlisted asset classes, delivered by in-country client service teams in the UAE, Saudi Arabia, Kuwait, Oman, Bahrain and Egypt.

In addition, State Street also announced that it has renewed its service contract with the National Pension Service of Korea (NPS)​, the world's third largest pension fund. State Street will continue to provide back-office and middle-office services for the NPS' global equity and alternatives portfolios which have KRW 222 trillion (USD 195 billion) and KRW 49 trillion (USD 43 billion) assets under management respectively.