State Street Global Advisors plans registration of UAE-focused funds

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State Street Global Advisors plans registration of UAE-focused funds

State Street Global Advisors, the asset management business of State Street Corporation(NYSE: STT), has announced plans to strengthen its intermediary network in the United Arab Emirates (UAE) by seeking to register five UCITS mutual funds with the Emirates Securities and Commodities Authority (ESCA).

Subsequent to regulatory approval, the funds will be promoted through intermediaries onshore in the UAE to qualified investors.

"We are focusing on intermediaries as a central part of our UAE operations," commented Emmanuel Laurina, State Street Global Advisors' Head of Middle East and Africa."UAE intermediaries represent an important opportunity for growth and increased market share, allowing us to effectively reach investors not previously actively targeted by the firm. The UAE is a growth market where global investors are increasingly discerning and demand access to the most efficient, flexible and highly performing financial instruments."

78% were optimistic about their own growth prospects in the Middle East and, as a result of that optimism, 75% foresee growing inflows into Gulf Cooperation Council (GCC) domiciled funds over the next five years."

State Street Global Advisors plans to seek ESCA authorisation for five funds which would make them available to distributors and investors anywhere in the UAE. The funds aim to provide investors with exposure to global markets, including access to investment themes such as Emerging Markets, Low Volatility Equities, Value Investing, Asset Allocation and positive Environmental, Social and Governance factors.

In September 2018, State Street Global Advisors released research that captured survey responses from 306 institutional investors based in the Middle East and North Africa (MENA). The investors, responsible for more than $4.9tn in assets under management (AUM), were asked about their outlook for growth and future economic trends in the region. The data showed that 78% were optimistic about their own growth prospects in the Middle East and, as a result of that optimism, 75% foresee growing inflows into Gulf Cooperation Council (GCC) domiciled funds over the next five years.

 

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.