State Street Looks to ETFs, Alternatives to Deepen Saudi Push

State Street Corp. is deepening its expansion in Saudi Arabia as it looks to cash in on booming demand for exchange-traded funds and growing appetite for alternative investments from clients including family offices.

The global asset manager with $5 trillion in assets plans to add a dozen staff in Riyadh in the next two years, boosting headcount that stands around 30 currently, according to Oliver Berger, the head of the strategic growth markets unit, and Emmanuel Laurina, head of Middle East and Africa.