State Street Corporation (NYSE: STT) has appointed Andrew Allright as CEO of InfraHedge, the firm’s dedicated managed account business. Allright has been with InfraHedge since it launched in 2011 and has played a key role in growing the business to become the global leader in servicing managed accounts. With more than $30bn of client assets, InfraHedge designs, builds and operates dedicated, customized platforms for institutional investors to effectively manage their third-party investment programs.
“The InfraHedge business has shown tremendous growth over the last few years,” said George Sullivan, global head of State Street’s Alternative Investment Solutions business. “I look forward to Andrew and his team driving it through the next stage of its development by taking advantage of the attractive market environment. Managed accounts are increasingly becoming the preferred choice for institutional investors, and we have great confidence in the attractiveness of our platform business which has been designed since inception to focus entirely on the needs of investors in order to help generate the best possible outcomes.”
Allright will continue to lead a longstanding team comprising Ravi Raman, chief operating officer, as well as new hires including Robert Vanderpool, president of InfraHedge North America, and Lizzy Buss, head of EMEA and APAC business development.
InfraHedge was also recently awarded the 2018 Porter Prize, in the category “Platforms, Smart Connected Products and Solutions”, by the Institute for Strategy and Competitiveness at Harvard Business School. It is the first time an organisation associated with the hedge fund industry has won this prize.
The award recognized InfraHedge for:
Expanding opportunities for new functionality, greater reliability, higher product utilization;
Offering capabilities that cut across and transcend traditional product boundaries; and
Building capabilities within enterprises to rethink and retool nearly everything they do internally.
“We are thrilled that InfraHedge has been honoured with a Porter Prize,” said Allright. “We have built a diverse and experienced team who are focused on meeting and exceeding the expectations of our clients, and we are committed to continuing to help move the industry forward.”