State Street Continues to Cut In U.S. While Growing in UK, EMEA, Asia-Pacific
Just as State Street is making cutbacks stateside, the plan is for more aggressive moves in the U.K., EMEA and Asia-Pacific. In addition to strategic leadership hires abroad, State Street's making management moves from the U.S. to Europe and announced a major push for more non-U.S. business.
We recently reported that State Street was making large scale cutbacks to IT staff at its Boston headquarters and Quincy, Massachusetts location, with 530 cut and another 320 transferred to their IT vendors IBM and Wipro Technologies. State Street previously announced a planned 5 percent-1,400 person-cut in its workforce by year's end. The layoffs began this past December.
Now comes word that State Street Global Advisors (SSgA), the investment management arm of State Street, is looking to triple its alternative investment staff from 40 to 120 and double its ETF division in Hong Kong from six to 12. SSgA also recently rolled out ETF and bond fund products listed in Asia-Pacific and the U.K.
SSgA also announced it has appointed Susan Raynes head of State Street Global Advisors (SSgA) UK, Middle East and Africa institutional business. Prior to her appointment, Raynes was senior managing director-head of SSgA's San Francisco office. She is relocating to the London operations. Meanwhile, State Street named Maria Cantillon as global head of sales for Alternative Investment Solutions. She serves in the London location.
As for EMEA, State Street Corporation has announced the appointment of Craig Butterworth in its London office to work as head of fixed income sales for Europe, Middle East and Africa. Other key hires were made in Dublin and Hong Kong.