State Street Global Advisors Names Global Head of Defined Contribution
June 08 2010 - 9:20AM
Business Wire
State Street Global Advisors (SSgA), the investment management
business of State Street Corporation (NYSE: STT) today announced
the appointment of Kristi Mitchem to senior managing director and
global head of its defined contribution business.
In this new position Mitchem, 39, is responsible for advancing
SSgA’s $252 billion global defined contribution business including
product development, distribution, pricing, client service,
operations and marketing activities. She will also work closely
with SSgA’s offices and investment centers worldwide to build a
competitive defined contribution offering that is tailored to meet
regional and country-specific requirements. Mitchem reports to
Jamie Kase, executive vice president and head of Global Sales and
Marketing at State Street Global Advisors.
For 30 years State Street Global Advisors has worked with
defined contribution plan sponsors to help create well-designed
investment strategies along the risk/return spectrum at a low cost.
Its investment vehicles aim to help retirement investors in
achieving sufficient retirement savings through wealth accumulation
and eventual replacement income.
“Defined contribution market growth is accelerating at a rapid
pace and it’s critical to SSgA’s long term growth,” said Kase.
“Plan sponsors and their participants face many challenges today
including investment choices and the need for ongoing education to
ensure sufficient retirement savings. Kristi is an industry veteran
with an outstanding record who has been on the frontlines of
building and delivering solutions to better serve the needs of
retirement investors. We are pleased to have her on board and look
forward to working with her to sharpen our focus on delivering
innovative solutions to the DC market.”
Mitchem joins SSgA from BlackRock, where she most recently
served as managing director and head of the US Defined Contribution
business. Prior to this role, she was managing director and head of
US Transition Services at Barclays Global Investors (BGI) where she
was responsible for redirecting the transition services business
and driving top line revenue growth. Before joining BGI in 2005,
Mitchem worked at Goldman Sachs & Co for nine years in a
variety of sales and trading roles. She holds a B.A. from Davidson
College and an M.B.A. from Stanford University. She is also a
former Fulbright Scholar.
“I am thrilled to join State Street Global Advisors,” said
Mitchem. “SSgA’s long-standing heritage of partnering with and
advising pension plan sponsors in all aspects of retirement plan
management make them uniquely positioned to help retirement
investors in an increasingly complex and competitive
marketplace.”
State Street has a keen understanding of the trends driving the
DC market and in March launched a Vision series thought leadership
paper examining the current challenges facing defined contribution
(DC) pension systems following the significant volatility in the
global financial markets. Entitled “Pensions: Strengthening the DC
Model for the Future,” the report assessed the relative strengths
of global DC systems and details best practices across governance
and design of pension plans.
About State Street Global Advisors
State Street Global Advisors, the investment management business
of State Street Corporation (NYSE: STT), delivers investment
strategies and integrated solutions to clients worldwide across
every asset class, investment approach and style. With $1.9
trillion in assets under management at March 31, 2010, State Street
Global Advisors has investment centers in Boston, Hong Kong,
London, Montreal, Paris, Singapore, Sydney, Tokyo, Toronto and
Zurich, and offices in 27 cities worldwide. For more information,
visit State Street Global Advisors at www.ssga.com.
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