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State Street Announces Planned Retirement of Cyrus Taraporevala
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Cyrus Taraporevala, president and CEO of State Street Global Advisors, will retire in 2022, remaining in his role until a successor is appointed. Under his leadership since 2016, the firm has seen significant growth, with pre-tax earnings increasing by 67% and assets under management reaching $4.1 trillion by the end of 2021. State Street Global Advisors aims to maintain its momentum in investment management through a seamless transition. Taraporevala has also emphasized environmental, social, and governance (ESG) issues during his tenure.
Positive
Pre-tax earnings grew by 67% during Taraporevala's leadership.
Pre-tax margin expanded by 11 percentage points from 21% in 2017 to 32% in 2021.
Assets under management increased by almost 50% from 2017 to $4.1 trillion at the end of 2021.
Negative
None.
President & Chief Executive Officer of State Street Global Advisors to Retire in 2022, Will Remain In Role Until Successor is Appointed
BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE:STT) today announced that Cyrus Taraporevala, president and chief executive officer of State Street Global Advisors, will retire in 2022. Taraporevala will remain in his role through the completion of the search for his successor and transition process to ensure a seamless succession which we anticipate happening in the second half of this year.
Taraporevala joined State Street Global Advisors in 2016 and held a variety of senior leadership roles including responsibility for leading the global institutional client, product and marketing teams. He was appointed president and chief executive officer of State Street Global Advisors in late 2017.
Under his leadership, Global Advisors has delivered impressive growth and the results have been an important component of State Street’s overall performance. Over the course of Taraporevala’s tenure, State Street’s investment management pre-tax earnings grew by 67 percent and pre-tax margin expanded by 11 percentage points from 21 percent1 in 2017 to 32 percent in 2021. In our financial results announced today, State Street Global Advisors finished this past year with assets under management of $4.1 trillion, up almost 50 percent from end-2017.
“In addition to the impressive financial results, Cyrus and his team at Global Advisors have contributed significantly to State Street’s overall mission to create better outcomes for the world’s investors and the people they serve. State Street Global Advisors has significantly strengthened its strategic position, leading to strong client and financial impact. Cyrus has also been a strong voice on environmental, social and governance (ESG) issues and stewardship and has advanced Global Advisors’ ESG leadership,” said Ron O’Hanley, chairman and chief executive officer of State Street Corporation. “Having Cyrus continue to lead State Street Global Advisors and transition responsibilities to a successor will help ensure we build on its strong momentum.”
About State Street Corporation
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.
The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without State Street’s express written consent.
1 2017 pre-tax margin includes the estimated pro forma impact of applying the ASC 606 Revenue Recognition accounting standard that was adopted prospectively on January 1, 2018. Reported pre-tax margin under the accounting standards in effect for the year ended December 31, 2017 was 24%.
