A $4.1-trillion-AUM (as of December 31) asset manager's chief is preparing to say goodbye. There is no word yet on who will take over for him.
| Cyrus Taraporevala|
State Street Global Advisors
Outgoing President, CEO
Today, Ron O'Hanley
, chairman and CEO of State Street Corporation, confirms
that Cyrus Taraporevala
, president and CEO of State Street Global Advisors (SSGA
), will retire
this year, once a successor is found and the subsequent transition is complete. The SSGA team expects the transition to happen in the second half of 2022.
O'Hanley lauds Taraporevala as "a strong voice on ... [ESG] issues and stewardship."
"State Street Global Advisors has significantly strengthened its strategic position, leading to strong client and financial impact," O'Hanley states, noting that SSGA's AUM has risen nearly 50 percent since the end of 2017, the year Taraporevala took over
News of Taraporevala's impending retirement comes four months after reports
that a publicly traded asset manager's team was in talks to merge with SSGA. (Like SSGA, that other asset manager's business lines include a sizable ETF business.) Today's news also comes 13 months after reports
that State Street had hired a big investment bank to weigh strategic options for SSGA.
Taraporevala, who turns 55 next month, joined
SSGA in 2016 as executive vice president and global head of product and marketing, then served as head of the global institutional group before rising to president and CEO. Previously, he served as head of retail managed accounts and life insurance annuities business at Fidelity. Before that, he worked at BNY Mellon, Legg Mason, Citi, and McKinsey. He is an alumnus of the Cornell Johnson Graduate School of Management and of the University of Bombay's Sydenham College.
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