The development comes at a time when the Southeast Asian nation has witnessed the growth of a middle class and rising disposable income, among other forces.

US-headquartered State Street said yesterday that it has set up a new office in Manila, the Philippines. It is scheduled to open in the second half of this year.

“The Asia Pacific region is critical to our long-term growth strategy,” Ann Fogarty, chief operating officer for investment services, State Street, said. “The expansion into Manila is an important step in the continued evolution of our global operating model as we continue to support significant client growth in the region.”

The group, which has $54.5 trillion in assets under custody and/or administration, says it services more than 12 per cent of the world’s assets. State Street established its presence in Asia-Pacific more than 40 years ago and today operates 16 offices across the region.

Among recent developments, State Street Investment Management agreed with Japan’s SBI Holdings to establish a joint venture designed to broaden access to index investment solutions for investors in Japan.

In January last year, Union Bancaire Privée appointed a former venture capital figure, Jamian Lai as its market head for the Philippines. 

According to a 2024 report from Ken Research, assets under management in the Philippines stood at about $60 billion, based on a five-year historical analysis.

"This growth is primarily driven by increasing investor confidence, a growing middle class, rising disposable incomes, booming stock market performance, low penetration of financial products, and the rising popularity of investment products among Filipinos. The market has seen a significant influx of both domestic and foreign investments, contributing to its expansion and diversification," the report said.