Despite being a growing reservoir of funds under management, this critically important pool of capital is confronting mounting problems collating and disseminating key data in a timely manner.
The ratings house is pinning its growth strategy on a revamped methodology that increases the emphasis on governance to 25 per cent – a timely move considering APRA’s proposed reforms.
State Street believes one head better than two for Australia
(pictured: Ian Martin)
By Greg Bright
State Street has re-joined the positions of head of Global Services and Global Markets in Australia and New Zealand, making Paul Khoury, the most senior person dedicated to custody, redundant in a restructure affecting responsibilities throughout the region.
Khoury was promoted to head of Global Services for Australia and New Zealand in June last year, after 10 years with the firm. His previous roles included head of asset manager sector sales for APAC and chief operating officer for Australia and New Zealand.
Chris Taylor will resume running both divisions, a responsibility that his predecessor, Ian Martin, also undertook for a time.
In the latest restructure – the second in three years – Ian Martin, now based in Hong Kong, has become head of Global Services for APAC. His former role as head of Market Services for APAC will be filled as a result of a current search. He will retain his other role heading up Global Exchange for the region.
Chris Taylor, who moved down from Hong Kong in 2014, has also had his role outside Australia expanded. He assumes responsibility as head of Global Services for Southeast Asia and the Pacific, encompassing Singapore, Malaysia, Brunei and Thailand, as well as Australia and New Zealand.
Meanwhile, Andrew Erickson, another Australian who had been working for a long time in Asia for State Street has relocated to Boston to run the US Investment Servicing business. He was also promoted to the global management committee.
Ian Martin has expanded the responsibilities of Richard Fogarty, head of Global Services for Japan, who will now run Global Services for North Asia, covering Japan, Korea, Taiwan, Hong Kong and mainland China.
Stephanie Lanigan assumes a newly created regional role as head of strategic client management for APAC. She will not directly manage client relationships but will focus on streamlining and improving our clients’ overall experience with State Street.
Within Global Services Australia, Chris Taylor has appointed Daniel Cheever to be head of client relationship management. Paul Toepfer continues as Australian chief operating officer and also takes on new responsibilities for developing and managing product and overseeing the business control functions.
State Street has four “pillars”: Global Advisors (SSGA), the funds management business, Global Services, which is custody and securities servicing, Global Markets, which is research and capital markets transactions, particularly foreign exchange, and the newest pillar, Global Exchange, which is also research oriented in the digital space, but does not yet have a big presence in Australia and New Zealand (see separate report this edition).
