Alan Brown resigned as group CIO of State Street Global Advisors effective March 18. He was based in London. Sources speculated his departure was related to the January appointment of William Hunt to replace Timothy Harbert as CEO. Following Mr. Harbert's death last year, Mr. Brown and Peter Leahy had been acting co-CEOs.
With Mr. Brown's departure, SSgA will eliminate the global CIO role, said Arlene Roberts, a spokeswoman. London-based Rick Lacaille will remain CIO for Europe, and Lochiel Crafter will remain CIO for Asia Pacific from Tokyo. Both report to Mark Lazberger, CEO for State Street, Japan. Sean Flannery was named to the new position of CIO for North America and will report to Mr. Hunt. Mr. Flannery, who is based in Boston, will remain director of the global fixed-income team.