State Street Global Advisors is combining different investment teams and announced a number of new leadership positions on Wednesday, confirmed Richard Lacaille, executive vice president and global chief investment officer.
As part of the new structure, SSgA is combining its cash and fixed-income capabilities under the leadership of Steven Meier, executive vice president. Mr. Meier will become CIO of fixed income, currency and cash; he was previously CIO of cash.
SSgA is also combining active quantitative developed and enhanced equity under one umbrella, led by Ted Gekas, currently senior managing director and head of global enhanced equity. His new title will be CIO and global head of active quantitative equity.
As part of the changes, Alistair Lowe, executive vice president and CIO, global equities, will leave SSgA at the end of 2013.
Mr. Lacaille said the consolidation helps SSgA prepare “for the next stage of growth” and provides clients with a complete suite of different investment opportunities under one umbrella. Combining different disciplines will also improve the speed in delivering research into actual portfolio solutions.
SSgA is also expanding its depth of fixed-income strategies, targeting areas such as high yield, emerging markets debt and structured credit. Mr. Lacaille said the firm is reinvesting in high-yield capabilities and could be looking to enter the emerging markets debt area with a new team.
“We want to find areas where the dispersion of returns is wide, like high yield,” Mr. Lacaille said in a telephone interview. “High yield is an area where we think skill pays off. It's a question of emphasis for us — we want to point our resources to where skill pays off.”
In other restructuring moves, Kevin Anderson, senior managing director and currently global CIO of fixed income and currency, will take on the role of head of investments for the Asia-Pacific region. Mr. Anderson replaces Lochiel Crafter, senior managing director, who was recently appointed head of the Asia-Pacific region, replacing Bernard Reilly. Mr. Reilly, also an executive vice president, has taken on the role of global head of strategy for SSgA.