State Street Appoints Industry Expert to Lead Insurance Segment Globally

Rhea-AI Summary

State Street Corporation (NYSE: STT) has appointed Jason Knight as the global head of its Insurance segment. Knight, who brings 27 years of experience in financial services, previously led the Insurance Segment at BNY Mellon. His role will focus on developing the segment's global strategy, enhancing client experiences, and collaborating with senior leadership. This appointment is part of State Street's ongoing enhancements to support insurance clients, including a partnership with SimCorp for integrated investment outsourcing solutions in EMEA.

Positive

• Jason Knight's extensive experience is expected to strengthen State Street's position in the insurance sector.
• Recent enhancements and partnerships, such as with SimCorp, align with State Street's strategy to improve operational efficiency for insurance clients.

Negative

• Concerns about the continuity and integration of new leadership in an important segment.

State Street Corporation (NYSE:STT) today announced the appointment of Jason Knight as global head of the firm’s Insurance segment. In this role, Knight will be responsible for creating and executing the Insurance Segment’s strategy globally, and will work closely with senior leadership in sales, product, as well as State Street’s other business lines to ensure delivery of an outstanding client experience.

Knight joins State Street from BNY Mellon, where he was most recently the head of the Insurance Segment in the Americas for Asset Servicing. Knight brings 27 years of experience in the financial services industry, and has served in a number of Insurance and Investment Management segment-related leadership, business development, product and relationship management roles throughout the years.

“I’m very pleased to welcome Jason to State Street,” said Francisco Aristeguieta, chief executive officer of State Street Institutional Services division. “With his deep knowledge of our industry, coupled with his acute understanding of the challenges facing insurers stemming from the COVID-19 pandemic, I am confident Jason will strengthen our position as the outsourcing partner of choice for our clients.”

Knight’s appointment is the latest in a series of announcements and enhancements State Street has made in the past two years in support of its insurance clients spanning people, technology and more integrated solutions. In 2020, State Street announced a business partnership with SimCorp to offer a fully integrated investment outsourcing solution for insurance clients in EMEA. The partnership, leverages State Street’s Alpha^SM platform, and provides insurance companies in the EMEA region with a premier servicing solution. It also actively addresses operational efficiency and helps them deliver improved accuracy and timely, high-quality data for their front-to-back operations. Additionally, the firm announced in 2020 the appointment of Christian Bongiovanni as the regional segment head for insurance in Europe, the Middle East and Africa (EMEA). Bongiovanni will report to Knight.

“I see 2021 as a defining year for the insurance industry. The challenges that unfolded during the COVID-19 pandemic unlocked new opportunities and new ways of working with our clients and partners,” said Knight. “I’m very excited to be joining State Street and leading a first rate team at such an important moment for the insurance industry.”

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 $40.3 trillion in assets under custody and/or administration and $3.6 trillion* in assets under management as of March 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 March 31, 2021 includes approximately $60 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.

© 2021 State Street Corporation - All Rights Reserved

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FAQ

Who is Jason Knight at State Street?

Jason Knight is the newly appointed global head of the Insurance segment at State Street Corporation.

What experience does Jason Knight bring to State Street?

Knight brings 27 years of experience in the financial services industry, including leadership roles in the Insurance sector.

What is the impact of Jason Knight's appointment on State Street?

Knight's appointment aims to enhance State Street's strategy and client service in the insurance segment.

What recent initiatives has State Street undertaken to support insurance clients?

State Street has formed a partnership with SimCorp to offer integrated investment outsourcing solutions for insurance clients in EMEA.