Jesse Cole took on the role of global head of State Street's private markets unit within its asset-servicing unit on Monday.
The position is new, spokesman Brendan Paul said.
Based in Chicago, Mr. Cole is responsible for "defining and executing State Street's global strategy for private markets and will work closely with his (State Street) peers in global sales ... to manage and grow (the) private markets business across all client segments," State Street said in a news release Tuesday.
Mr. Cole reports to Paul Fleming, executive vice president and global head of State Street's global alternatives segment.
"Investment in private markets is growing significantly across all our segments as investors continue to reach for yield in a low-rate, low-growth environment and our clients continue to ask for more private market products," Mr. Fleming said in the news release.
Mr. Cole previously was managing director, global shareholder and fund services at Goldman Sachs Group.
State Street had $43.7 trillion in assets under custody and/or administration and $4.1 trillion in assets under management as of Dec. 31.
