State Street and QNB Debut New Custody Servicing Model in Qatar

State Street Corporation and QNB Group at the World Economic Forum (WEF), announced a strategic alliance to introduce a new custody servicing model in Qatar. According to a story in MarketsMedia news, State Street and QNB Group have agreed to collaborate, with service agreements to be finalized and executed at a later date. "The GCC is one of the fastest-growing markets globally, and we are committed to deepening our presence through collaboration with leading local institutions,” said Ron O’Hanley, chairman and CEO at State Street. “This new servicing model creates significant synergies, enabling us to deliver enhanced solutions to clients across the region. QNB’s scale and network in Qatar are important to State Street as we invest further to support GCC clients in capturing opportunities driven by the region’s economic transformation.” With offices in Abu Dhabi, Dubai, Muscat and Riyadh, State Street has been servicing sovereign wealth funds, pension schemes, central banks, and asset managers in the Middle East for over three decades. State Street has a total of $12.92 trillion in assets under custody / administration and $841 billion of asset under management in EMEA.