Harbert recalled as warm, devoted

Timothy B. Harbert's unexpected death from a heart attack on Aug. 24 left his colleagues and competitors in the money management world stunned.

They remembered the 53-year-old chairman and chief executive officer of State Street Global Advisors, Boston, last week for his warmth and his love for his work and his family.

"Tim came from a very strong family," said Ronald Logue, CEO of State Street Corp., Boston, who was Mr. Harbert's boss. "They called themselves ‘Team Harbert.' Tim took that concept that he grew up with and put it into effect at State Street and we became ‘Team State Street.'"

"He also had the ability to put very talented people around him," said Mr. Logue. Two of those people are stepping into Mr. Harbert's shoes on an interim basis: Alan Brown, the group chief investment officer; and Peter Leahy, chief operating officer. Spokeswoman Arlene Roberts said the firm would not comment further about a replacement for Mr. Harbert.

"He had an energy and infectious enthusiasm," said Blake Grossman, global co-CEO of Barclays Global Investors, San Francisco.

"He was a universally liked individual and was a very warm person," added Mr. Grossman. "We were friendly despite the fact that we were competitors. He always had something nice to say."

"Great firms have great leaders; I have a deep respect for what Tim did" at SSgA, said Ronald O'Hanley, vice chairman of Mellon Financial Corp., Boston, and head of its institutional money management business. "We saw each other socially at various local business events in Boston," added Mr. O'Hanley. "I knew him and respected him."

Mr. Harbert had been in his job for three years and had been with SSgA since 1987. Under his leadership, assets under management grew to more than $1 trillion from $727 billion. Ms. Roberts said that during his tenure, Mr. Harbert focused on global expansion and investment diversification. She said he focused not so much on gathering assets, but on diversifying the firm's business mix.

"Tim had the attribute of empathy," said Mr. Logue. "He understood what the ramifications of his decisions would mean to other people at the firm.

"Tim's loyalty to State Street and his colleagues at the firm was enormous," said Scott Powers, CEO of Old Mutual Asset Management (U.S.), Boston. "He was a fierce advocate for his people."

"He was a very passionate, very engaged, very committed guy with a sense of humor," said Mr. Powers.

He remembers Mr. Harbert's comments on a panel discussion held at a meeting of the U.S. Institute of Institutional Investors, Chicago.

"Tim was very open and reflective about how State Street's success came out of the values of the organization and the work of its people," said Mr. Powers. "It was a very compelling discussion."

James Ware, CEO of The Focus Consulting Group, Glenview, Ill., put together that panel and remembers some comments Mr. Harbert made to him.

"I asked Tim if he had seen some examples of bad leadership in his days and he said, ‘I've seen CEOs who couldn't lead three people in silent prayer.' And when I asked Tim if the investment world was a good training ground for leaders to gain self-awareness, he said, ‘If you don't know who you are, the stock market is an expensive place to find out.'"

Mr. Harbert is survived by his wife, Nancy, and five children. Memorial donations can be made to the American Heart Association, 20 Speen St., Framingham, MA 01701, or at www.americanheart.org.