Scott Powers Named to Be President and CEO of State Street Global Advisors
April 04 2008 - 10:02AM
Business Wire
State Street Corporation (NYSE: STT), the world�s leading provider
of financial services to institutional investors, announced today
that Scott Powers has been named to be president and chief
executive officer of State Street Global Advisors (SSgA), the
company�s investment management arm. Powers will join SSgA from Old
Mutual US, the US operating unit of London-based Old Mutual plc,
where he has served as chief executive officer and one of six
senior executives overseeing its worldwide operations. Powers, age
48, will report to Ronald E. Logue, chairman and chief executive
officer of State Street, and will join the company�s Operating
Group, State Street�s senior-most strategy and policy-making team.
He will succeed James S. Phalen, who has served as interim
president and CEO of SSgA since January 2008. Phalen will return to
his position as head of international operations for State Street�s
investment servicing and investment research and trading
businesses. Logue said, �We are delighted that Scott will be
joining SSgA as CEO. We were fortunate to have had an extremely
talented pool of internal and external candidates to evaluate
during the extensive global search process, and Scott has many of
the attributes that are important to us for the future leadership
of SSgA. Not only is he a talented and experienced executive with a
deep commitment to client service, but he also has considerable
experience leading investment management businesses that span every
asset class and the risk return spectrum. Additionally, Scott has a
strong global perspective and an appreciation for the great growth
opportunities that SSgA has around the world. He also recognizes
the depth of talent and experience of SSgA�s team and is committed
to building upon its strengths.� Logue continued, �I want to thank
Jim Phalen for his outstanding work as SSgA�s interim president and
CEO. Jim is a valued colleague who guided SSgA with a steady hand
and excellent judgment as we completed our search for a permanent
CEO. We�re fortunate to have him as a member of our senior
management team.� Powers said, �State Street Global Advisors is an
established leader in institutional asset management and is
well-positioned for continued growth. I am excited to lead such a
world-class team of dedicated investment professionals. SSgA has an
outstanding record of client service and innovation that provides a
solid foundation for expansion and an expectation of excellence
that I am certain will continue to drive this organization
forward.� SSgA is the largest institutional asset manager in the
world and serves more than 2,900 clients with over 280 investment
strategies across virtually every asset class, capitalization
range, investment approach, region and style. SSgA has experienced
significant growth over the past five years with assets under
management nearly doubling from $1.1 trillion to $2.0 trillion (as
of December 31, 2007). Powers will join SSgA from Old Mutual US
where he has served as chief executive officer of Old Mutual plc�s
US operations, which includes institutional asset management, Old
Mutual Asset Management, an insurance and annuities business and
Old Mutual Capital, a retail asset management platform. During his
seven-year tenure at Old Mutual, assets under management grew from
$130 billion to $330 billion. Prior to joining Old Mutual, he held
senior management positions at Mellon Institutional Asset
Management and The Boston Company Asset Management. Powers began
his career as a financial services advisor with Dean Witter
Reynolds. He holds a bachelor�s degree in economics from Harvard
College. 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 $15.3 trillion in assets
under custody and $2 trillion in assets under management at
December 31, 2007, State Street operates in 26 countries and more
than 100 geographic markets worldwide. For more information, visit
State Street�s website at www.statestreet.com. State Street Global
Advisors, the investment management arm of State Street Corporation
(NYSE: STT), delivers investment strategies and integrated
solutions to clients worldwide across every asset class, investment
approach and style. With $2 trillion in assets under management at
December 31, 2007, State Street Global Advisors has investment
centers in Boston, Hong Kong, London, Milan, Montreal, Munich,
Paris, Singapore, Sydney, Tokyo and Zurich, and offices in 27
cities worldwide. For more information, visit State Street Global
Advisors at www.ssga.com. Forward-Looking Statements This news
announcement contains forward-looking statements as defined by
United States securities laws, including statements about the
naming of a new president and chief executive officer of SSgA and
SSgA�s opportunities and business environment. 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 State Street's expectations or beliefs as of any
date subsequent to the date of this release. Important factors that
may affect future results and outcomes include the completion of
applicable contractual notice periods for change in employment and
other customary employment conditions and other financial, market
and competitive factors relating to SSgA, such as those set forth
in State Street's 2007 Annual Report on Form 10-K and its
subsequent SEC filings. State Street encourages investors to read
its 10-K, particularly the section on Risk Factors, and its
subsequent SEC filings for additional information with respect to
any forward-looking statements and prior to making any investment
decision. The forward-looking statements contained in this press
release speak only as of the date hereof, April 4, 2008, and State
Street will not undertake efforts to revise those forward-looking
statements to reflect events after this date.
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