State Street has secured a license to offer fund administration in Saudi Arabia following the addition of the operating funds component of the Managing Investment and Operating Funds (MIOF) license from the Capital Markets Authority.
The expanded license enables institutional investors, asset managers and asset owners to establish, operate and service funds entirely within Saudi Arabia, while benefiting from State Street’s global operating model delivered on the ground.
The global custodian established local operations in the Kingdom in 2020, followed by the launch of its Middle East and North Africa regional headquarters in Riyadh.
The addition of fund administration to its licensed capabilities complements its existing custody and investment services offering in what it sees as a strategic growth market.
