SSgA Taps Kennelly to Run US LDI Efforts

October 24, 2007 ( - Thomas Kennelly has been appointed the U.S. head of Liability-Driven Investing (LDI) for State Street Global Advisors (SSgA), the company announced.

A company news release said Kennelly will report to Michael Wands, senior managing director of Fixed Income for North America.

Kennelly joins SSgA with more than 15 years of experience in asset-liability management, fixed income portfolio management and benefit funding consulting.

He most recently served as a consultant at William J. Lynch and Associates, advising corporations in the analysis, design and implementation of various funding and hedging strategies for post-retirement employee and executive benefit obligations, according to the announcement.

Prior to that, Kennelly served as a portfolio manager at BankBoston responsible for fixed income investment portfolio management and derivatives hedging as part of the Global Treasury Asset-Liability Management unit.

“Tom’s appointment to this new position underscores the continued interest we are seeing in LDI,” said Wands, in the announcement. “Liability-driven investing structures are changing the way pension liabilities are managed, and we have seen a fundamental shift in our clients’ focus from education to implementation of our LDI solutions.”