Four senior SSgA executives are leaving the firm, roughly six months after Scott Powers became president and CEO.
Peter G. Leahy, executive vice president and chief product officer; Roger Petrin, senior managing director and head of the global trading and implementation groups; Klaus Esswein, senior managing director and head of SSgAs German and Swiss units; and Jean-Francois Schock, senior managing director and head of SSgAs Europe, Middle East and Africa strategic growth group, are all leaving, confirmed spokeswoman Marie McGehee.
She declined to say why, and said she has no information about their plans.
The responsibilities of Messrs. Leahy, Petrin and Schock will be distributed to other members of SSgAs executive management team.
Wolfgang Hotzendorher, a managing director with SSgAs German unit, will assume Mr. Essweins responsibilities, Ms. McGehee said. Ruediger Zeppenseld, who became interim managing director of SSgAs Swiss office when Josef Bossi departed earlier this year, will continue to head that office.
Also, SSgA will disband its global fundamental equity team by the end of the year so the company can focus on areas of core strength, including cash management, index and active/enhanced quantitative strategies, Ms. McGehee said.
The team managed $436 million, mostly in institutional, as of June 30. The teams 20 investment positions will be eliminated by the end of the year, Ms. McGehee said.