The asset management arm of State Street Corporation has rolled out two global active equity funds in the UAE.
State Street Global Advisors (SSGA) has an office in Abu Dhabi and is regulated by the Abu Dhabi Global Market (ADGM).
The State Street Global Value Spotlight fund and the State Street Global Opportunities Equity fund will be made available to wholesale distributers, institutional investors, as well as financial advisers, wealth managers and banks.
This is the first push for State Street in the UAE fund sector.
The products are actively invested to build a “concentrated portfolio of 30 to 40 securities and aim to generate long-term capital growth by allocating to global equities,” the firm said.
They are both domiciled in Luxembourg and registered with the UAE’s Securities and Commodities Authority.
Distribution expansion
“The wider Mena region, and the UAE in particular, is a key market for us,” said Emmanuel Laurina, head of the Middle East & Africa at SSGA.
“These funds both expand our offering and demonstrate our commitment to the region. The Middle East continues to experience growth as it pursues an ambitious diversification and transformation programme to reduce reliance on oil with the UAE’s GDP forecast to grow by 6.2% in 2022 and 6.7% in 2023.
“State Street Global Advisors has now been supporting institutional investors in the Middle East for 30 years since establishing our local presence in 1992. The registration of these funds is a milestone for us, marking the beginning of our wholesale distribution business in the region.
“We are committed to further developing our offering in the fund distribution, financial advisory and banking sectors and these funds are the beginning of that journey.”
The State Street Global Value Spotlight fund and the State Street Global Opportunities Equity fund are benchmarked to the MSCI World Index and MSCI All Country World Index, respectively.
