State Street Corp.'s decision to appoint William Hunt as president and chief executive officer of its $1.4 trillion asset management arm is part of a plan to strengthen the business.
Already, Boston-based State Street Global Advisors is the nation's largest money manager, but executives at the parent company want it to become even bigger. They think Mr. Hunt is the person to do the job.
Big changes also were announced at Citigroup Asset Management, New York, where Michael Even and Stephen Hopkins were named co-heads of the firm, which has $514 billion in assets under management. The two executives replaced Thomas Jones, former chairman and chief executive officer of global investment management, who was asked to leave in October after problems in Citigroup's Japanese private banking operation.
At SSgA, Mr. Hunt succeeded Timothy Harbert, who died last summer. SSgA's new leader is described by State Street Chairman and Chief Executive Officer Ronald Logue as someone who is "focused, articulate, persistent and clearly understands what needs to get done." Mr. Hunt was not available for comment.