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State Street Announces New Global Head of Private Markets
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Rhea-AI Summary
State Street Corporation (NYSE: STT) has appointed Jesse Cole as the new global head of its Private Markets segment. With over 30 years of experience, Cole will lead the strategy to expand the company’s private market offerings, which are increasingly in demand among investors seeking yields in a low-rate environment. Previously, Cole served at Goldman Sachs and has expertise in client services and strategic initiatives. State Street also aims to enhance its private markets capabilities through its State Street AlphaSM for Private Markets solution.
Positive
Appointment of Jesse Cole as global head of Private Markets to drive growth.
Increasing demand for private market products among investors.
Cole's extensive experience is expected to strengthen the team.
Negative
None.
Industry Veteran Jesse Cole to lead firm’s private markets segment division
BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT) today announced it has appointed Jesse Cole as global head of its Private Markets segment. In this role, Cole will be responsible for defining and executing State Street’s global strategy for Private Markets and will work closely with his peers in global sales and the product organization to manage and grow private markets business across all client segments. Cole is based out of Chicago, IL and will report to Paul Fleming, global head of State Street's Global Alternatives Segment.
“I’m very pleased to welcome Jesseto State Street. He’s a seasoned leader who joins us at an optimal time to provide important leadership to our private markets team,” said Fleming. “Investment in private markets is growing significantly across all our segments as investors continue to reach for yield in a low-rate, low-growth environment, and our clients continue to ask for more private market products. With Jesse’s appointment, we are confident we have the right team in place to ensure we are meeting the multifaceted needs of our clients and be able to provide them with more solutions.”
Cole brings to State Street more than 30 years’ of experience in private markets, including running global client service businesses, with expertise in building high performing teams, developing and executing strategic transformation initiatives in support of client objectives, and is recognized as an innovator in developing forward-thinking products to drive growth. Prior to joining State Street, Jesse served as Managing Director, Global Shareholder and Fund Services with Goldman Sachs. He also held operational roles at Invesco and Northern Trust.
In 2021, State Street announced that it has entered into an agreement to acquire Mercatus, Inc., a premier front-and-middle-office solutions and data management provider for private market managers. In connection with the acquisition, the company launched its State Street AlphaSM for Private Markets solution which allows institutional investors to fully manage the entire lifecycle of their infrastructure, private equity, real estate, private debt and fund of funds investments through a fully integrated, digital front-to-back, single platform.
About State Street
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $43.7 trillion in assets under custody and/or administration and $4.1 trillion* in assets under management as of December 31, 2021, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of December 31, 2021 includes approximately $61 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
Who is Jesse Cole, and what is his role at State Street?
Jesse Cole has been appointed as the global head of State Street's Private Markets segment, responsible for executing the company's strategy in this area.
What does the appointment of Jesse Cole mean for State Street's private markets?
Cole's appointment is expected to enhance State Street's capability to meet increasing investor demand for private market products.
What expertise does Jesse Cole bring to State Street?
Cole has over 30 years of experience in private markets and has previously worked with Goldman Sachs, focusing on client services and strategic transformations.
How is State Street planning to expand its private markets offerings?
State Street plans to expand its private markets offerings through its State Street AlphaSM for Private Markets solution.
