BOSTON State Street Corp announced on Wednesday that global equities chief Alistair Lowe will leave the company by the end of the year as part of a shake-up in its asset management division.
The move comes as State Street Global Advisors combines its cash and fixed income asset classes under Steve Meier. He will become chief investment officer of fixed income, currency and cash, Boston-based State Street said in a news release.
At the end of March, State Street had $2.18 trillion in assets under management. Most of that money is in passive investments, such as exchange-traded funds.
"We believe that the boundaries between fixed income disciplines are blurring and that a broad view is beneficial," said Rick Lacaille, SSgA's chief investment officer. "For instance, it is clear that cash management is moving away from a traditional money market framework and that optimal portfolio management now incorporates skills typically associated with managing longer dated fixed income securities."
(Reporting by Tim McLaughlin; Editing by Lisa Von Ahn and Kenneth Barry)