One of the ETF industry's founding fathers is preparing to ride off into the sunset after 27 years with one of the big three ETF providers.
| James E. Ross|
State Street Global Advisors
Executive Vice President, Chairman of Global SPDR
Yesterday Ron O'Hanley
, president and CEO of State Street Corporation
, and Cyrus Taraporevala
, president and CEO of State Street Global Advisors (SSgA
that Jim Ross
, executive vice president chairman of SSgA's global SPDR
business, will retire at the end of March 2020.
After earning his bachelor's degree in accountancy at Bentley, Ross
started his career as an accountant at Ernst and Young. He joined State Street in 1992, the year before the debut of the first U.S. ETF, SSgA's SPY
. Over the years he worked in fund administration, custody, and intermediary business before chairing the SPDR business.
"Without question Jim has been one of the most influential figures in the investment management industry," O'Hanley states, adding:
His role in creating many of the world's first ETFs ensures he will go down in history as an instrumental player in perhaps the most important product innovation the industry has seen. The ETF today provides a vital diversified investment product for investors across the spectrum and for that we, and the industry, owe Jim a great deal.
"He is a titan who has played a key role enabling institutional and individual investors to invest in new and unique manners, with greater precision of exposures and liquidity," Taraporevala states.
Looking ahead, Ross hints that, in addition to non-profit work, his "next chapter ... will undoubtedly include remaining engaged in the ETF industry."
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