Jim Ross, SPDR Chairman and ETF Innovator, to Retire
November 21 2019 - 1:00PM
Business Wire
State Street Global Advisors, the asset management business of
State Street Corporation (NYSE: STT), announced today that Jim
Ross, chairman, Global SPDR, will be retiring from the firm at the
end of March 2020 after a distinguished 27-year career.
Ross, who joined State Street in 1992, was instrumental in
creating, developing and bringing to market many of the world’s
first ETFs, earning him the moniker of the “godfather of ETFs.” The
product grew from inception in 1993 when SPY was launched on the
American Stock Exchange, to an industry that today stands at almost
$6 trillion worldwide and is still one of the fastest -growing
investment products in the market.
“Without question Jim has been one of the most influential
figures in the investment management industry,” said Ron O’Hanley,
CEO and president, State Street. “I have known Jim for many years
and I am constantly struck by his dedication to clients, his focus
on building and developing teams and his passion for creating
solutions for investors of all types. His role in creating many of
the world’s first ETFs ensures he will go down in history as an
instrumental player in perhaps the most important product
innovation the industry has seen. The ETF today provides a vital
diversified investment product for investors across the spectrum
and for that we, and the industry, owe Jim a great deal.”
Cyrus Taraporevala, CEO and president, State Street Global
Advisors, added, “Jim’s contribution to the history of financial
services is irrefutable. He is a titan who has played a key role
enabling institutional and individual investors to invest in new
and unique manners, with greater precision of exposures and
liquidity. We are extremely proud of his accomplishments in helping
to create many of the world’s first ETFs and his impact at State
Street will be felt long after he has bid farewell. We wish him the
very best in his retirement; he has earned it.”
“I am deeply grateful for the opportunities I have had during my
career at State Street,” said Ross. “Every success I was part of
came down to working alongside amazing teams and great leaders who
embraced innovation and collaboration and were dedicated to serving
clients. I am looking forward to my next chapter which will
undoubtedly include remaining engaged in the ETF industry, but also
devoting more time to my non-profit work. I leave behind the best
teams and clients in the business and an organization that will
continue to innovate with purpose and deliver with excellence on
behalf of those great clients, stakeholders and investors around
the world.”
About SPDR Exchange Traded Funds
SPDR ETFs are a comprehensive family spanning an array of
international and domestic asset classes. SPDR ETFs are managed by
SSGA Funds Management, Inc., a registered investment adviser and
wholly owned subsidiary of State Street Corporation. The funds
provide investors with the flexibility to select investments that
are precisely aligned to their investment strategy. Recognized as
an industry pioneer, State Street created the first US listed ETF
in 1993 and has remained on the forefront of responsible
innovation, as evidenced by the introduction of many
ground-breaking products, including first-to-market launches with
gold, international real estate, international fixed income, and
sector ETFs. For more information, visit www.spdrs.com.
About State Street Global Advisors
For four decades, State Street
Global Advisors has served the world’s governments, institutions
and financial advisors. With a rigorous, risk-aware approach built
on research, analysis and market-tested experience, we build from a
breadth of active and index strategies to create cost-effective
solutions. As stewards, we help portfolio companies see that what
is fair for people and sustainable for the planet can deliver
long-term performance. And, as pioneers in index, ETF, and ESG
investing, we are always inventing new ways to invest. As a result,
we have become the world’s third largest asset manager with nearly
US $2.95 trillion* under our care.
* This figure is presented as
of September 30, 2019 and includes approximately $44 billion of
assets with respect to SPDR products for which State Street Global
Advisors Funds Distributors, LLC (SSGA FD) acts solely as the
marketing agent. SSGA FD and State Street Global Advisors are
affiliated.
Intellectual Property Information: Standard &
Poor's®, S&P® and SPDR® are registered trademarks of Standard
& Poor’s Financial Services LLC (S&P); Dow Jones is a
registered trademark of Dow Jones Trademark Holdings LLC (Dow
Jones); and these trademarks have been licensed for use by S&P
Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes
by State Street Corporation. State Street Corporation’s financial
products are not sponsored, endorsed, sold or promoted by SPDJI,
Dow Jones, S&P, their respective affiliates and third party
licensors and none of such parties make any representation
regarding the advisability of investing in such product(s) nor do
they have any liability in relation thereto, including for any
errors, omissions, or interruptions of any index.
State Street Global Advisors, One Iron Street, Boston, MA
02110
© 2019 State Street Corporation - All Rights Reserved
Expiration Date: 11/30/2020
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Marc Hazelton +1 617-662-1860 mhazelton@statestreet.com
Troy Mayclim +1 914-686-5552 tmayclim@riverinc.com
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