State Street has put three Europeans on its board. Peter Coym, 64-year-old retired head of Lehman Brothers Bankhaus AG, Amelia Fawcett, 50-year-old former vice chairman and chief operating officer of Morgan Stanley International, and Maureen Miskovic, the 49-year-old chairman of Eurasia Group, have all been appointed to the Board of Directors.
In adition, State Street has elevated three of its senior executives to vice chairman. Joseph L. (Jay) Hooley, global head of investment servicing and investment research and trading, William W. Hunt, president and chief executive officer of State Street Global Advisors, and Joseph C. Antonellis, chief information officer, all see their status raised.
“These appointments fulfill a number of key objectives for us,” says Ronald E. Logue, chairman and chief executive officer of State Street Corporation. “As we continue to expand our business internationally we are evolving the composition of our board to reflect a globally diverse range of experiences and market knowledge as well as significant expertise in the financial services industry. We’re also able to acknowledge, through today’s promotions to vice chairman, the considerable contributions of our leadership team and the impact of their responsibilities on State Street’s current and future growth.”
Peter Coym, a German national and the retired head of Lehman Brothers in Germany , is also a former member of Lehman Brothers Bankhaus Management Board and its European Management Group. With more than 35 years of experience in European investment banking, he has served in positions that include chairman of the Association of Foreign Banks in Germany , a member of the Supervisory Board of the Deutsche Brse AG and a member of the German Central Capital Market Committee.
Amelia Fawcett, a dual American and British citizen, recently retired from her position as vice chairman and chief operating officer at Morgan Stanley International. A lawyer by training, Fawcett was named by the Financial Times as one of the 25 most powerful women in Europe . She also serves as a member of the Court of the Bank of England. In 2002 she was awarded Commander of Order of the British Empire (CBE) in recognition of her services to the financial services industry.
Maureen Miskovic, a British citizen, is an authority on risk and compliance. She currently chairs Eurasia Group, a political risk advisory and consulting firm based in New York . Prior to this role, she served in several senior management positions at a number of prominent investment banking firms. Miskovic also serves as a board member for NRG Energy.
The promotions to vice chairman go to members of State Street’s Operating Group, the company’s senior-most policy-making and strategy group.
Jay Hooley, age 49, is a 20-year veteran of State Street. Currently head of the company’s asset servicing, securities finance and investment research and trading activities worldwide, Hooley is also a director on the boards of Boston Financial Data Services (BFDS) and International Financial Data Services (IFDS), the transfer agency joint ventures the bank has with DST.
William W. Hunt, age 44, became president and chief executive officer of State Street Global Advisors (SSgA) after the untimely death of the incumbent. A 12-year State Street veteran – during which time he was based outside the US most of his tenure, notably in Tokyo – he is charged with accelerating the SSgA push into active and enhanced strategies.
Joseph Antonellis, age 52, a 16-year veteran of State Street , is chief information officer and heads the company’s global securities services, operations and technology. Prior to becoming CIO, he managed investment servicing for mutual and pension fund customers for more than a decade. In addition to being a board member of Boston Financial Data Services (BFDS) and Euroclear PLC, Antonellis also serves as chairman of the board of Princeton Financial Systems, a leading provider of client/server-based portfolio accounting management systems and a wholly-owned subsidiary of State Street.
James Phalen, age 55, currently head of investment servicing in North America , will take on a new role as head of international operations for investment servicing and investment research and trading. Also a member of State Street’s Operating Group, Phalen, a ten-year State Street veteran and former chairman of CitiStreet, will relocate to Europe to assume his new role. Antonellis and Phalen will report to Jay Hooley.
“I have set a goal for State Street to achieve 50 per cent of its revenues from non-US operations,” says Logue. “We have achieved an impressive 41 percent while maintaining our significant market leadership here in the US. The appointments we’re announcing today strengthen our organization with additional global expertise, increased alignment of services and solutions for our customers and added focus on key growth areas.