MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, April 20, 2005 State Street CEO Says "No Sale" State Street is not for sale. So says Ron Logue, the Boston bank's CEO since last July reports the Boston Globe. Logue made his remarks to the Greater Boston Chamber of Commerce. "We believe that our independence gives us our secret weapon -- our focus," said Logue. He also said that the firm there will be no "slashing and burning" at the bank to improve profits. The Boston-based bank is one of four remaining major players providing custodial services to fund firms along with Bank of New York, Mellon, and Northern Trust. The article also speculates that Logue's predecessor, David Spina, was forced out of the company. At the time he left, the company explained that a recent heart surgery had caused him to reconsider his life priorities. For support of the theory, the article turns to RBC Capital Markets analyst Gerard Cassidy who says that the prompt for Spina's departure may have been "an overly generous buyout program" that helped create the bank's first quarterly loss in 26 years. He also cites "an ill-conceived acquisition of a California investment firm" and "tension among top executives." Printed from: MFWire.com/story.asp?s=9529 Copyright 2005, InvestmentWires, Inc. All Rights Reserved |