A new chief is preparing to take over the $3.48-trillion-AUM (as of June 30) asset management arm of a publicly traded institutional bank.

Yie-Hsin Hung State Street Global Advisors Incoming President and CEO

Today, Ron O'Hanley, chairman and CEO of State Street Corporation, confirms that Yie-Hsin Hung has been appointed as the next president and CEO of State Street Global Advisors (SSGA). Hung is expected to join SSGA in December. She will report to O'Hanley and join State Street's executive committee.

Hung will succeed SSGA's current president and CEO, Cyrus Taraporevala. Tarporevala is retiring from SSGA this year, as previously reported. When Hung joins, Taraporevala is expected to stay on as an advisor through early next year, helping with the transition.

Hung hails most recently from New York Life Investment Management (NYLIM), where she has served as CEO since 2015. A New York Life spokesperson confirms that Alain Karaoglan, senior vice president and head of the insurer's strategic businesses, will now oversee New York Life Investments.

"Alain is an industry leader who is well-suited for this role, having served as chief operating officer for Voya Financial before joining New York Life where he oversaw all of Voya's businesses, including its investment management and retirement businesses," the New York Life spokesperson tells MFWire in an emailed statement. "We have confidence in the leaders and teams across our investment boutiques to continue to deliver solutions across nearly every asset class to institutional and retail clients worldwide."

At State Street, O'Hanley lauds Hung as "an industry veteran, who brings to Global Advisors her notable history of delivering growth."

"Her career has been impressive, successfully delivering strong results as she expanded NYLIM's investment capabilities, entered new markets and strengthened the business' data and technology infrastructure," O'Hanley states. "She also brings a true commitment to fostering a culture of inclusion, collaboration and product innovation."

"It is a pivotal time in the asset management industry, and I look forward to building on the strong foundation at Global Advisors to continue to drive growth and help prepare our clients for the future," Hung states.

Hung joined NYLIM back in 2010 as head of alternative investments before rising to head of institutional investments and then co-president, and she took over as CEO in 2015. (She also served on New York Life's executive management committee and on the board of NYLIM's MainStay Funds.) Earlier, she held leadership roles at Morgan Stanley and Dean Witter Reynolds.

Hung serves as chair of both the board and the executive committee of the ICI. She is an alumna of Harvard University and of Northwestern University. (She also serves on the latter alma mater's board of trustees.)

Karaoglan joined New York Life in 2019. He previously served as chief operating officer of Voya and as SVP of divestitures at AIG. Earlier, he did equity research and investment banking work, serving at Bear Stearns, BofA Securities, Deutsche Bank, Donaldson Lufkin & Jenrette, and First Boston. He is an alumnus of Darmouth's Tuck School of Business and of Pepperdine University.

Check back for more updates as this story develops. 

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