State Street has appointed Peter O’Neill, executive vice president and head of State Street’s European investment research and trading business based in London, to take a new role working across both investment research and trading and the company’s investment servicing activities in the United Kingdom, Middle East and Southern Africa (UKMEA). The bank says the creation of this new senior management role in the United Kingdom is in response to customer demand for more integrated investment services and solutions State Street says its business outside the United States is growing at a rate that is more than twice as fast as in the U.S. The bank has a corporate objective of achieving 50 percent of its revenue from non-U.S. sources. In the first quarter of 2006, State Street achieved more than 100 new mandates in Europe, of which it attributes 84 to cross selling activities.
“Peter’s appointment builds on his extremely successful career at State Street and recognizes the key role he has played as a senior member of our European management team,” says Jay Hooley, global head of investment servicing and investment research and trading for State Street. “Given the growth that we’re experiencing in the region, I am confident that aligning these two strong capabilities under one leader in the UK will deepen our customer relationships and fuel our continued growth.”
Peter O’Neill joined State Street in 1985 as treasury manager and has served in a variety of positions, including head of capital markets in Luxembourg and managing director of State Street’s Global Markets business in Hong Kong and Singapore. He is also a member of State Street’s European Executive Board (EEB), the company’s senior-most management structure in the region. Reporting to O’Neill in this newly created role will be Peter Baker, head of investment servicing for IS UKMEA and Dan Wiener, senior manager for State Street Global Markets in Europe.
“State Street has built a very strong business in the UK where all of us have worked hard to be the provider of choice to leading asset owners and asset managers,” says O’ Neill. “With the talented team that we have in place across these two core capabilities now even further aligned in the UK, I have no doubt that our success and achievements will continue to grow.”