Old Mutual is in the hunt for a new chief executive of its U.S. operation. Scott Powers, who previously held the title, is heading to State Street Global Advisors to take the role of president and CEO.
A spokesman for Old Mutual told The MFWire that Thomas Turpin, currently chief operating officer of Old Mutual U.S., is serving as interim CEO.
Scott Powers SSgA president and CEO
At SSgA, Powers will take over from James Phalen, who has been interim president and CEO of SSgA since January, when Bill Hunt stepped down amid sub-prime writedowns at the firm. Powers will start his new role at SSgA in May.
Company Press Release
BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE: STT - News), the world’s leading provider of financial services to institutional investors, announced today that Scott Powers has been named to be president and chief executive officer of State Street Global Advisors (SSgA), the company’s investment management arm. Powers will join SSgA from Old Mutual US, the US operating unit of London-based Old Mutual plc, where he has served as chief executive officer and one of six senior executives overseeing its worldwide operations.
Powers, age 48, will report to Ronald E. Logue, chairman and chief executive officer of State Street, and will join the company’s Operating Group, State Street’s senior-most strategy and policy-making team. He will succeed James S. Phalen, who has served as interim president and CEO of SSgA since January 2008. Phalen will return to his position as head of international operations for State Street’s investment servicing and investment research and trading businesses.
Logue said, “We are delighted that Scott will be joining SSgA as CEO. We were fortunate to have had an extremely talented pool of internal and external candidates to evaluate during the extensive global search process, and Scott has many of the attributes that are important to us for the future leadership of SSgA. Not only is he a talented and experienced executive with a deep commitment to client service, but he also has considerable experience leading investment management businesses that span every asset class and the risk return spectrum. Additionally, Scott has a strong global perspective and an appreciation for the great growth opportunities that SSgA has around the world. He also recognizes the depth of talent and experience of SSgA’s team and is committed to building upon its strengths.”
Logue continued, “I want to thank Jim Phalen for his outstanding work as SSgA’s interim president and CEO. Jim is a valued colleague who guided SSgA with a steady hand and excellent judgment as we completed our search for a permanent CEO. We’re fortunate to have him as a member of our senior management team.”
Powers said, “State Street Global Advisors is an established leader in institutional asset management and is well-positioned for continued growth. I am excited to lead such a world-class team of dedicated investment professionals. SSgA has an outstanding record of client service and innovation that provides a solid foundation for expansion and an expectation of excellence that I am certain will continue to drive this organization forward.”
SSgA is the largest institutional asset manager in the world and serves more than 2,900 clients with over 280 investment strategies across virtually every asset class, capitalization range, investment approach, region and style. SSgA has experienced significant growth over the past five years with assets under management nearly doubling from $1.1 trillion to $2.0 trillion (as of December 31, 2007).
Powers will join SSgA from Old Mutual US where he has served as chief executive officer of Old Mutual plc’s US operations, which includes institutional asset management, Old Mutual Asset Management, an insurance and annuities business and Old Mutual Capital, a retail asset management platform. During his seven-year tenure at Old Mutual, assets under management grew from $130 billion to $330 billion. Prior to joining Old Mutual, he held senior management positions at Mellon Institutional Asset Management and The Boston Company Asset Management. Powers began his career as a financial services advisor with Dean Witter Reynolds. He holds a bachelor’s degree in economics from Harvard College.
State Street Corporation (NYSE: STT - News) is the world's leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $15.3 trillion in assets under custody and $2 trillion in assets under management at December 31, 2007, State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Street’s website at www.statestreet.com.
State Street Global Advisors, the investment management arm of State Street Corporation (NYSE: STT - News), delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $2 trillion in assets under management at December 31, 2007, State Street Global Advisors has investment centers in Boston, Hong Kong, London, Milan, Montreal, Munich, Paris, Singapore, Sydney, Tokyo and Zurich, and offices in 27 cities worldwide. For more information, visit State Street Global Advisors at www.ssga.com.
Forward-Looking Statements
This news announcement contains forward-looking statements as defined by United States securities laws, including statements about the naming of a new president and chief executive officer of SSgA and SSgA’s opportunities and business environment. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing State Street's expectations or beliefs as of any date subsequent to the date of this release. Important factors that may affect future results and outcomes include the completion of applicable contractual notice periods for change in employment and other customary employment conditions and other financial, market and competitive factors relating to SSgA, such as those set forth in State Street's 2007 Annual Report on Form 10-K and its subsequent SEC filings. State Street encourages investors to read its 10-K, particularly the section on Risk Factors, and its subsequent SEC filings for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this press release speak only as of the date hereof, April 4, 2008, and State Street will not undertake efforts to revise those forward-looking statements to reflect events after this date.
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