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Tuesday, March 31, 2015

O'Hanley Resurfaces, Powers Another Giant Asset Manager

Reported by Neil Anderson, Managing Editor

Ron O'Hanley is back, and he's taking over another giant asset manager in Boston.

This morning Jay Hooley, chairman and CEO of State Street [profile], revealed that "at the beginning of April" O'Hanley will step into Scott Powers' old shoes as president and CEO of State Street Global Advisors (SSgA). A spokeswoman for State Street confirms that Powers, 56, will stay with SSgA through August to help with the transition to O'Hanley, 58. O'Hanley will report to Hooley, 58.

As of December 31, SSgA worked with $2.45 trillion in assets under management. The institutional asset manager and ETF giant notes that, since Powers took over in 2008, SSgA's total AUM has risen 22 percent, while its ETF AUM has risen 85 percent.

Hooley praises O'Hanley as "a strong successor" with "a proven track record and extensive experience running a global multi-asset class investment management business." O'Hanley calls SSgA "an exceptional investment firm" with "superb professionals."

O'Hanley left Fidelity in February 2014, after serving as president of asset management and corporate services. Prior to that he led BNY Mellon Asset Management as president and CEO, and he was vice chairman of Mellon and president and CEO of Mellon's asset management arm prior to the merger with Bank of New York. He also was the founding partner of McKinsey's investment management practice. He's an alumnus of Syracuse University and of Harvard.

Powers, who is retiring from SSgA, describes the move as "bittersweet."

"I know I leave the firm on a very solid footing, with even greater prospects ahead," Powers states. "It's been a privilege to work with such a talented team of professionals and global clients."

Powers took over SSgA seven years ago after leading Old Mutual US. He, too, previously held top posts at Mellon, and he also worked at the Boston Company Asset Management and started out as an advisor at Dean Witter Reynolds (now part of Morgan Stanley). He, too, is an alumnus of Harvard. 

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