State Street Corporation, the provider of financial services to institutional investors, announced today that David Puth has been named to a newly created position as head of State Street’s investment research, securities finance and trading activities worldwide.
Puth, age 51, will report to Jay Hooley, president and chief operating officer of State Street. He will also join the company’s Operating Group, State Street’s senior-most strategy and policy-making team.
“Our Global Markets and Securities Finance businesses have experienced considerable growth over the past decade as demand increases for our unique and unconflicted array of lending and trading services and our proprietary flow-based research,” says Hooley. “Our model positions us to capture considerable market share in the future, particularly given the heightened need for these services fueled by expansion within the alternative and hedge fund sectors. I am confident that, with his global experience and industry knowledge, David will be an excellent leader of these engines of our future growth.”
Puth has more than two decades of experience managing and leading capital markets and trading businesses within global financial firms in Europe and the United States including Citigroup and JP Morgan heritage corporations. At JP Morgan Chase, Puth was a member of the firm’s Executive Committee and the Investment Bank’s Management Committee and was head of Global Currency and Commodities, Sales, Trading and Research. Puth also had responsibility and strategic oversight for its Global Emerging Markets businesses including fixed income, currencies and research for Latin America, Eastern Europe and Asia. While at Chemical Bank, Puth developed and managed the bank’s proprietary investments in a portfolio of hedge funds which later became part of JP Morgan Capital Partners. After leaving JP Morgan at the end of 2006, Puth founded the Eriska Group, an investment advisory and risk management consulting firm. Throughout his career he has served on a number of boards including ICAP, a FTSE 100 brokerage firm, and the Federal Reserve Foreign Exchange Committee, which he chaired from 2001 to 2003. He has also served as a senior advisor to JH Whitney Investment Management.
Puth is a member of the boards of the Robin Hood Foundation, an organization dedicated to fighting poverty in New York City, and the Institute for Global Leadership at Tufts University. He is also a trustee of the Berkshire School, a preparatory school in Sheffield, Mass. Puth holds a Bachelor of Arts degree from Tufts University.
“I’ve admired State Street for many years both as a competitor and a counterparty and am delighted to now join the firm and work alongside an outstanding management team within these businesses,” says Puth. “State Street’s research and trading business strategy has avoided the traditional sell-side approach in favor of one that is truly transformational and client-focused in terms of its neutrality and ability to simultaneously serve the needs of asset owners, asset managers and broker dealers. Aligning this business more closely with what is a world-class leading securities finance capability will greatly enhance the services we can provide to clients worldwide.”