State Street Corporation reports that Scott Powers (age 56), president and chief executive officer of State Street Global Advisors, intends to retire later this year after more than seven years leading the firm and three decades in the investment management industry.
Ronald (Ron) O’Hanley (age 58) will succeed Powers at the beginning of April. 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 most senior strategy and policy-making team.
Under Powers’ tenure, SSGA has expanded its leadership across solutions that span the risk return spectrum, increased profitability and grown market share across both the institutional and intermediary channels. In the past five years alone, assets under management have increased 22 percent; ETF assets under management have grown by 85 percent and multi-asset class solutions assets under management have grown by 48 percent.
O’Hanley has nearly 30 years of experience in leadership roles within the industry and most recently served as president of Asset Management & 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 as 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.
O’Hanley also oversaw all of Bank of New York Mellon’s activities in Asia. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was vice chairman of Mellon Financial Corporation and president and chief executive officer of Mellon Asset Management. Prior to Mellon, O’Hanley was with McKinsey & Company, Inc., from 1986 to 1997. He was elected a partner in 1992 and founded the Investment Management practice worldwide and was co-founder and co-leader of the firm’s North American Personal Financial Services practice.
Hooley said: “Scott has been a highly effective leader for our asset management franchise and I thank him for everything he has done to strengthen SSGA’s leadership position, talent and culture. We’re extremely fortunate to have such a strong successor in Ron, someone I have known personally for many years, as well as the talented and experienced management team at SSGA. Ron has a proven track record and extensive experience running a global multi-asset class investment management business. He also has broad experience across asset servicing, both as a leader and State Street client. Importantly, Ron has a passion for the industry and the issues and challenges faced by our clients, including retirement security. I have no doubt that his experience and capabilities will add measurably to State Street broadly and to our clients.”
Powers said: “Although it is bittersweet to be retiring from SSGA, I know I leave the firm on a very solid footing, with even greater prospects ahead. It’s been a privilege to work with such a talented team of professionals and global clients.”