State Street Awarded Global Custody Mandate by Petroleum Development Oman
State Street Corporation (NYSE: STT) today announced it has been appointed by the Omani Staff Pension Fund for Petroleum Development Oman (PDO) to provide custody and a wide range of investment servicing solutions to more than $2.3 billion in international and Gulf Cooperation Council (GCC) assets.
PDO has been a client of State Street Global Advisors’ asset management offering for several years, but this mandate represents a new strategic collaboration for one of Oman’s largest private sector employers with State Street’s back and middle office proposition, consolidating its current service providers.
“We are delighted PDO has selected us to be the single source of information for all of its reporting and asset servicing needs”, said Oliver Berger, head of the Middle East and North Africa at State Street.
“By consolidating its current providers, PDO will benefit from having a single point of contact and consistency across all of its data and reporting; as well as gain access to our global presence and deep local insight within the GCC.”
“We are looking forward to this partnership which offers us important benefits, business opportunities, and enhances our relationship with State Street,” said Haifa Al Khaifi, Finance Director and Chairperson of the Omani Staff Pension Fund at PDO.
Source / More : State Street Corporation
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