Ron GolzSenior Consultant Rhumbline Advisers & Former Executive Vice President State Street
As Global Custodian looks back on its 20 years of existence and the custody industry in that time, its perhaps important to note that one of the industrys greatest capital-L Legends, State Streets Ron Golz, has been retired for that entire time. Well, at least nominally retired. Golz is a senior consultant with Boston-based Rhumbline Advisers, which he helped found. Rhumbline has over $15 billion in assets under management.
Its amazing where the industry is, compared to when I started, in 1974, Golz says.
In that year, US President Gerald Ford signed the Employee Retirement Income Security Act (ERISA), which would have far-reaching ramifications for State Street. Before ERISA, pension assets were managed mostly by banks and insurance companies because independent money managers were just coming to the fore. Custody was done by the same manager. ERISA required that all of the separate portfolios for a plan had to be aggregated into a single entity.
Just before ERISA, one of State Streets clients, the Harvard endowment, had asked that State Street… more on GCLegends.com