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Yie-Hsin Hung Named President & CEO of State Street Global Advisors
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Rhea-AI Summary
State Street Corporation (NYSE: STT) has announced the appointment of Yie-Hsin Hung as the new president and CEO of State Street Global Advisors, effective December 2022. This follows the planned retirement of Cyrus Taraporevala. Hung brings extensive experience from her previous role at New York Life Investment Management, where she significantly increased assets under management. She aims to drive growth at Global Advisors while focusing on innovation and a culture of inclusion.
Positive
Yie-Hsin Hung's appointment signals a strategic leadership change aimed at growth.
Hung's tenure at New York Life Investment Management saw a nearly four-fold increase in assets, indicating her capability in asset management.
Negative
None.
Appointment follows planned retirement of Cyrus Taraporevala
BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE: STT) announced today that it has appointed Yie-Hsin Hung as president and chief executive officer (CEO) of State Street Global Advisors (Global Advisors), its asset management business. Hung succeeds Cyrus Taraporevala, whose planned retirement was announced earlier this year. She will join Global Advisors in December 2022, reporting to State Street Chairman and Chief Executive Officer Ron O’Hanley and will join State Street’s Executive Committee.
Yie-Hsin Hung , president and chief executive officer (CEO) of State Street Global Advisors (Photo: Business Wire)
Hung joins Global Advisors from New York Life Investment Management (NYLIM), where she served as chief executive officer since 2015. While at NYLIM, Yie-Hsin led a multi-boutique, global investment management business that provides a broad range of fixed income, alternatives, equity and ESG capabilities. During her tenure at the firm, Hung led NYLIM to achieve a nearly four-fold increase in assets under management. Prior to assuming the role of CEO of NYLIM, Hung held numerous senior executive roles including co-president and chairman of NYLIM International. Before joining NYLIM, she held leadership positions at Bridgewater Associates and Morgan Stanley.
“We are delighted to welcome Yie-Hsin to State Street. She is an industry veteran, who brings to Global Advisors her notable history of delivering growth,” said O’Hanley. “Her career has been impressive, successfully delivering strong results as she expanded NYLIM’s investment capabilities, entered new markets and strengthened the business’ data and technology infrastructure. She also brings a true commitment to fostering a culture of inclusion, collaboration and product innovation.”
“I am excited to join State Street Global Advisors, an organization and leadership team that I have had the opportunity to work with at various points over my career,” said Hung. “It is a pivotal time in the asset management industry, and I look forward to building on the strong foundation at Global Advisors to continue to drive growth and help prepare our clients for the future.”
In 2022, Hung was named to Barron’s list of the 100 Most Influential Women in US Finance for the third time, and in 2021, she was selected by American Banker as one of the 25 Most Powerful Women in Finance for the fifth consecutive year. She has also been named by Forbes to its list of 50 over 50. She is a member of the Board of Trustees of Northwestern University; the Chair of the Executive Committee and Board of Governors of the Investment Company Institute (ICI); the US Institute Asset Management CEO Roundtable; C200; The Women’s Forum of New York and the National Association of Corporate Directors. Hung also serves on the non-profit board of Next for Autism.
Hung earned her MBA from Harvard University and B.S. in Mechanical Engineering from Northwestern University, from which she received a Distinguished Alumni Medal in 2019, the highest honor granted by the Northwestern Alumni Association.
On Hung’s arrival, Taraporevala will assume the role of advisor and stay through early 2023 to provide a smooth transition of responsibilities.
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 $38.2 trillion in assets under custody and/or administration and $3.5 trillion* in assets under management as of June 30, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of June 30, 2022 includes approximately $66 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.
About State Street Global Advisors
For four decades, State Street Global Advisors has served the world’s governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of index and active strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become the world’s fourth-largest asset manager* with US $3.48 trillion† under our care.
*Pensions & Investments Research Center, as of 12/31/21.
†This figure is presented as June 30, 2022 and includes approximately $66.43 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 the new CEO of State Street Global Advisors?
Yie-Hsin Hung has been appointed as the new CEO of State Street Global Advisors.
When will Yie-Hsin Hung officially start her role?
Yie-Hsin Hung will officially start her role in December 2022.
What is Yie-Hsin Hung's background before joining State Street?
Before joining State Street, Hung served as CEO of New York Life Investment Management and held leadership positions at Bridgewater Associates and Morgan Stanley.
What is the significance of Cyrus Taraporevala's retirement?
Cyrus Taraporevala's retirement is part of a planned transition to new leadership within State Street Global Advisors.
