MONEY MANAGEMENT

State Street hires 2 for institutional investor custody business

Hemant Bhide was named senior vice president and head of U.S. asset owner business at State Street Corp. (STT), and Bruce Shain was named senior vice president and client service department manager.

Mr. Bhide replaced Mark Schafer, who was named senior vice president in State Street Global Advisors’ institutional mutual fund business, said Brendan Paul, State Street spokesman. Mr. Shain’s position is new.

Mr. Bhide will report to Stephen Nazzaro, executive vice president at State Street and head of asset owners for the Americas. Mr. Shain will report to Mr. Bhide.

The two will work with the custody bank’s global investment management, pension fund, sovereign wealth fund, and endowment and foundation clients.

Mr. Bhide was a partner in the financial services advisory practice at PricewaterhouseCoopers, and Mr. Shain was managing director and segment head of U.S. corporate, government and non-profit businesses at Bank of New York Mellon (BK). Spokesmen at PwC and BNY Mellon did not respond to requests for information on their replacements.