Mr. Allright was named interim CEO in May, Mr. Paul said. He replaced Bruce Keith, who left the firm in January.
Previously, Mr. Allright was head of client solutions. His duties were assumed by others.
"The InfraHedge business had shown tremendous growth over the last few years," said George Sullivan, global head of State Street's alternative investment solutions business, in a company statement released Monday. Managed accounts are increasingly becoming the preferred choice for institutional investors and we have great confidence in the attractiveness of our platform business."
Institutional investors invest about $30 billion in managed accounts run by external managers through InfraHedge's platform.