Industry Veteran Ronald P. O’Hanley is named President and CEO
BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT) announced today that Scott Powers
(age 56), president and chief executive officer of State Street Global
Advisors, intends to retire later this year after more than seven years
leading the firm and three decades in the investment management
industry. Ronald (Ron) O’Hanley (age 58) will succeed Powers at the
beginning of April. He and Powers will work together over the next
several months to ensure a smooth transition of responsibilities.
O’Hanley will report to Jay Hooley, chairman and chief executive officer
of State Street, and will join the company’s Management Committee, its
senior-most strategy and policy-making team.
Hooley said, “Scott has been a highly effective leader for our asset
management franchise and I thank him for everything he has done to
strengthen SSGA’s leadership position, talent and culture. We’re
extremely fortunate to have such a strong successor in Ron, someone I
have known personally for many years, as well as the talented and
experienced management team at SSGA. Ron has a proven track record and
extensive experience running a global multi-asset class investment
management business. He also has broad experience across asset
servicing, both as a leader and State Street client. Importantly, Ron
has a passion for the industry and the issues and challenges faced by
our clients, including retirement security. I have no doubt that his
experience and capabilities will add measurably to State Street broadly
and to our clients.”
O’Hanley has nearly 30 years of experience in leadership roles within
the industry and most recently served as president of Asset Management &
Corporate Services for Fidelity Investments. Prior to joining Fidelity,
O’Hanley spent 13 years in leadership positions at Mellon Bank and Bank
of New York Mellon ultimately as president and chief executive officer
of BNY Mellon Asset Management in Boston, vice chairman of Bank of New
York Mellon Corp and a member of its Executive Committee.
O’Hanley also oversaw all of Bank of New York Mellon’s activities in
Asia. Prior to the 2007 merger of The Bank of New York and Mellon
Financial Corporation, he was vice chairman of Mellon Financial
Corporation and president and chief executive officer of Mellon Asset
Management. Prior to Mellon, O’Hanley was with McKinsey & Company, Inc.,
from 1986 to 1997. He was elected a partner in 1992 and founded the
Investment Management practice worldwide and was co-founder and
co-leader of the firm’s North American Personal Financial Services
practice.
O’Hanley said, “I am excited to be joining State Street and to have the
opportunity to lead State Street Global Advisors - an exceptional
investment firm that, because of its superb professionals, is well
positioned to bring critical solutions to investors around the world. I
look forward to working with this team and all of State Street to
deliver outstanding results and outcomes for our clients globally.”
Powers said, “Although it is bittersweet to be retiring from SSGA, I
know I leave the firm on a very solid footing, with even greater
prospects ahead. It’s been a privilege to work with such a talented team
of professionals and global clients.”
Under Powers’ tenure, SSGA has expanded its leadership across solutions
that span the risk return spectrum, increased profitability and grown
market share across both the institutional and intermediary channels. In
the past five years alone, assets under management have increased 22
percent; ETF assets under management have grown by 85 percent and
multi-asset class solutions assets under management have grown by 48
percent.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading
provider of financial services to institutional investors including
investment servicing, investment management and investment research and
trading. With $28.19 trillion in assets under custody and administration
and $2.45 trillion* in assets under management as of December 31, 2014,
State Street operates in more than 100 geographic markets worldwide,
including the US, Canada, Europe, the Middle East and Asia. For more
information, visit State Street’s web site at www.statestreet.com.
About State Street Global Advisors
For nearly four decades, State Street Global Advisors has been committed
to helping our clients, and those who rely on them, achieve financial
security. We partner with many of the world’s largest, most
sophisticated investors and financial intermediaries to help them reach
their goals through a rigorous, research-driven investment process
spanning both indexing and active disciplines. With trillions* in
assets, our scale and global reach offer clients unrivaled access to
markets, geographies and asset classes, and allow us to deliver
thoughtful insights and innovative solutions.
State Street Global Advisors is the investment management arm of State
Street Corporation.
* Assets under management include the assets of the SPDR® Gold ETF
(approximately $27.3 billion as of December 31, 2014), for which State
Street Global Markets, LLC, an affiliate of SSgA, serves as the
distribution agent.
Forward-Looking Statements
This news release contains forward-looking statements as defined by
United States securities laws, including statements relating to our
goals and expectations regarding our business and strategies, in
particular with respect to State Street Global Advisors, as well as the
financial and market outlook, developments and the business environment.
Forward-looking statements are often, but not always, identified by such
forward-looking terminology as “will,” “expect,” “objective,” “intend,”
“plan,” “forecast,” “outlook,” “believe,” “anticipate,” “estimate,”
“seek,” “may,” “trend,” “target,” “strategy” and “goal,” or similar
statements or variations of such terms. These statements are not
guarantees of future performance, are inherently uncertain, are based on
current assumptions that are difficult to predict and involve a number
of risks and uncertainties. Therefore, actual outcomes and results may
differ materially from what is expressed in those statements, and those
statements should not be relied upon as representing our expectations or
beliefs as of any date subsequent to March 31, 2015. Important factors
that could cause actual results to differ materially from those
indicated by any forward-looking statements are set forth in our 2014
Annual Report on Form 10-K and our subsequent SEC filings. We encourage
investors to read these filings, particularly the sections on risk
factors, for additional information with respect to any forward-looking
statements and prior to making any investment decision. The
forward-looking statements contained in this news release speak only as
of the date hereof, March 31, 2015, and we do not undertake efforts to
revise those forward-looking statements to reflect events after that
date.
State Street Corporation
Alicia Curran Sweeney, +1-617-664-3001
www.statestreet.com
@StateStreet
Source: State Street Corporation