State Street moves to bolster global ETF business

Jim RossState Street Global Advisors (SSGA) has promoted its European distribution head as part of a series of changes in its exchange-traded fund (ETF) business. Rory Tobin, current head of European distribution, becomes co-head of Global SPDR, which SSGA describes as a new business for its SPDR-branded ETFs. Nick Good, is also promoted from chief operating officer of the North American intermediary group to be Global SPDR’s other co-head. In the most senior appointment, Jim Ross (pictured), currently head of the firm’s SPDR ETF division, becomes chairman of Global SPDR and SSGA Funds Management. The promotions are part of a move by SSGA to strengthen its ETF business globally. The firm says it is “unifying distribution and infrastructure accountability under a new Global SPDR business”. State Street ETF division has fallen behind competitors such as Vanguard and BlackRock’s iShares arm in recent years. According to data issued by consultancy ETFGI, State Street was the only top-20 ranked ETF manager to register net outflows in 2015. It has also been trying to further its active management business. Last March, the firm poached Ronald O’Hanley from Fidelity Investments to run asset management. State Street’s asset management business manages assets of $2 trillion (€1.76 trillion), as at the end of March, and received net inflows of $13 billion in the first quarter of this year. ©2016 funds europe

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