State Street Corporation announced that Scott Powers, president and chief executive officer of State Street Global Advisors (SSgA), intends to retire later this year after more than seven years leading the firm and three decades in the investment management industry.
Ronald O’Hanley will succeed Powers at the beginning of April, the firm says. 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.
Powers says it’s “bittersweet to be retiring from SSgA,” but he feels the firm is on a solid footing for the future. “It’s been a privilege to work with such a talented team of professionals and global clients,” he adds.
Hooley says he has known O’Hanley personally for many years. “[He] has a proven track record and extensive experience running a global multi-asset class investment management business,” Hooley notes. “He also has broad experience across asset servicing, both as a leader and State Street client.”
O’Hanley also has nearly 30 years of experience in leadership roles within the industry and most recently served as president of asset management and 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 becoming 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.
During Powers’ tenure, SSgA says it has “expanded its services across the risk-return spectrum, increased profitability and grown market share across both the institutional and intermediary channels.”
More information is available at State Street’s website: www.statestreet.com.