State Street Awarded Global Custody Mandate by Petroleum Development Oman

Wednesday, October 23, 2019 10:31 am EDT

Dateline:

LONDON

Public Company Information:

NYSE:
STT
"We are looking forward to this partnership which offers us important benefits, business opportunities, and enhances our relationship with State Street"

LONDON, October 23, 2019 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.


About State Street Corporation
State Street Corporation (NYSE: STT) is the world's leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $32.90 trillion in assets under custody and administration and $2.95 trillion* in assets under management as of September 30, 2019, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

* Assets under management include the assets of the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $44 billion as of September 30, 2019), for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.


About Petroleum Development Oman (PDO)

Petroleum Development Oman (PDO) is the leading exploration and production company in the Sultanate of Oman. We deliver the majority of the country's crude oil production and natural gas supply, but above all we focus on delivering excellence, growth and sustainable value creation within and well beyond our industry.

The Company is owned by the Government of Oman (which has a 60% interest), the Shell Group (which has a 34% interest), Total (which has a 4% interest) and Partex (which has a 2% interest). Gas fields and processing plants are operated by PDO exclusively on behalf of the Government. For more information, visit State Street's website at www.pdo.co.om.

Contact:

Lydia Cambata
+44 20 33957 319
LECambata@StateStreet.com
@StateStreet

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