State Street’s promotes front-office executive to COO

State Street’s recent organisational restructure will help accelerate the delivery of a front-to-back investment servicing platform.

By Joe Parsons

State Street has appointed its top front-office and markets executive to the role of chief operating officer (COO), marking another restructure to its senior management team.

Lou Maiuri, previously head of State Street’s global markets and exchange business and a 30-year industry veteran, will now have overarching responsibility for the custodian’s IT, global delivery, global exchange, Charles River Development (CRD) and product teams.

The move follows State Street’s recent organisational restructure where it brought together all of its client facing activities, including service, relationship management and sales, under the leadership of Andrew Erikson, head of global services.

“Bringing together the resources that drive our operating infrastructure, technology strategy and innovation under one leader complements the moves we have made with our client-facing activities to make State Street more seamless. This will also accelerate our ability to deliver our front-to-back investment servicing platform and become a true technology-driven scale provider,” said Ron O’Hanley, president and CEO, State Street.

“Lou will work in partnership with Andrew to deliver better outcomes for our clients and the people they serve.”

Since Maiuri rejoined State Street from BNY Mellon in 2013, he has become instrumental in shifting State Street’ strategy to the front-office, and played a key role in the acquisition of CRD.

Last year, he was shortlisted for Global Custodian’s North America Industry Person of the Year.

State Street has also made a number of changes to its European business, with Liz Nolan, currently CEO of EMEA, assuming responsibility for global delivery, managing its global operations and infrastructure that supports clients in 26 countries.

Nolan will retain her current role and head of UK responsibilities until a successor has been appointed. She succeeds Jeff Conway who is set to leave State Street after a more than 30-year career with the Boston-based custodian.

In addition, Karen Kennan, chief administrative officer, has expanded her responsibilities to include oversight of the global markets business, having previously led the group earlier in her career.

“An early focus of mine as CEO has been to match our leadership talent against our desire to be a high performing organisation and the areas that will create the greatest capacity and advantage for us as a firm. These new appointments reflect this focus,” added O’Hanley.