Petroleum Development Oman selects State Street for custody services
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Petroleum Development Oman selects State Street for custody services 23 October 2019London Reporter: Jenna Lomax
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Omani Staff Pension Fund for Petroleum Development Oman (PDO) has selected State Street to provide custody and investment servicing solutions to more than $2.3 billion in international and Gulf Cooperation Council (GCC) assets.
The mandate represents a new strategic collaboration for one of Oman’s private sector employers with State Street’s back- and middle-office proposition, consolidating its current service providers.
Oliver Berger, head of the Middle East and North Africa at State Street, said: “We are delighted PDO has selected us to be the single source of information for all of its reporting and asset servicing needs.”
He added: “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.”
Haifa Al Khaifi, finance director and chairperson of the Omani Staff Pension Fund at PDO, commented: “We are looking forward to this partnership which offers us important benefits, business opportunities, and enhances our relationship with State Street.”
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