Cyrus Taraporevala, president and CEO of State Street Global Advisors, will retire later this year.
Mr. Taraporevala will remain at the firm through a transition period after his successor has been appointed, likely in the second half of the year.
Since his appointment to his current roles in late 2017, SSGA's assets under management grew nearly 50% to $4.14 trillion as of Dec. 31, the release said.
Previously, Mr. Taraporevala was head of the global institutional group at SSGA.
"Cyrus is executing on his personal and long-term plan to pursue a variety of interests outside of the full-time demands of a CEO role. He is committed to ensuring a smooth leadership transition," said Olivia Offner, a State Street spokeswoman, in an email.
"State Street Global Advisors has significantly strengthened its strategic position, leading to strong client and financial impact. Cyrus also has been a strong voice on environmental, social and governance issues and has advanced (SSGA'S) ESG leadership," said Ronald P. O'Hanley, chairman and CEO of parent State Street Corp., in a news release.
During an earnings call Wednesday, Mr. O'Hanley told analysts that he doesn't expect "a strategic change to SSGA" given the change in leadership. "SSGA is an attractive business for us and we will be looking inside and out to find a new leader," he said.
State Street reported that SSGA's assets under management hit a record high $4.14 trillion as of Dec. 31, up 7.1% from the end of the prior quarter and up 19.4% from a year earlier, according to the earnings report.
Assets under custody and administration also reached a new milestone of $43.68 trillion, an increase of 0.8% from Sept. 30 and up 12.6% from Dec. 31, 2020.
State Street attributed the growth in assets under management primarily to market appreciation and net inflows, while the investment servicing business benefited from higher market levels, client flows and net new business growth.
SSGA's net inflows totaled $79 billion in the quarter ended Dec. 31, up strongly from net outflows of $5 billion in the prior quarter and net outflows of $21 billion in the three months ended Dec. 31, 2020.
Net inflows were dominated by SSGA's ETF business, which attracted inflows of $50 billion in the three months ended Dec. 31, a new quarterly record.
Of SSGA's $196 billion of net inflows in all of 2021, more than half — $107 billion — went into ETFs, another record.
In contrast, net inflows to SSGA's ETFs totaled $44 billion in 2020.
SSGA's ETF growth still lags that of rival BlackRock, which saw ETF net inflows of $103.9 billion in the quarter ended Dec. 31, more than twice the $58 billion brought in the prior quarter, according to the firm's fourth-quarter earnings. BlackRock's ETF franchise brought in $306 billion in net inflows in 2021, compared with $185 billion in 2020.