State Street loses nine asset management executives from London
State Street Global Advisors has lost nine of its senior asset management executives in London, according to a report in Financial News.
The departures follow the collapse of merger talks between SSgA and UBS Global Asset Management in June.
liability manager Ben Clissold, who only recently joined from Psolve last October, has joined BlackRock as senior liability manager; Moira Gorman, former head of local authority relations, has joined Threadneedle; Vin Battacharjee, European head of intermediary business, has entered the private equity sector.
The six others are: Kieran Moody, managing director of UK pooled funds; Nick Pearce, head of finance; Richard Owen, head of UK business development; Scott MacMillan, head of relationship management; and senior relationship managers Andrew Hitchen and Julie Caffrey.
State Street is primarily a custody bank and gains the bulk of its pre-tax profits from servicing, rather than managing, funds. But SSgA restated its commitment to the asset management sector and said it would expand its liability-driven business. It is also due to announce a new head of defined contribution.