UK - Nigel Wightman, the UK managing director of State Street Global Advisors (SSgA) has resigned, just days after group CIO Alan Brown left the firm.
Jean-Francois Schock, European managing director, will assume Wightman’s role on an interim basis.
Wightman, who joined SSgA in 1997, has not confirmed his future plans.
The departure follows Brown’s decision on Friday to resign from his post of chief investment officer for the Boston-based fund manager.
Hannah Grove, spokeswoman for SSgA in Boston, said the firm had decided not to appoint a direct replacement for Brown. Instead, his responsibilities have been split between three regional offices – North America, Asia-Pacific and Europe.
Sean Flannery has been appointed to the new role of chief investment officer, North America, while Lochiel Crafter and Rick Lacaille remain the CIOs for Asia-Pacific and Europe, respectively.
“What we’re transitioning to is more of a regional CIO model very much in reflection of the global growth that we’ve experienced,” Grove said.
“I think SSgA has always been very lucky because it’s had these great local teams in place across Europe and Asia-Pacific and we really want to build on that.
“SSgA is a global company so I think in a sense they’re making it much less Boston-centric and these are all moves intended to, given the growth outside the US, have more decision-making, more strategy, more policy actually developed in the region.”
Separately, Mark Lazberger, who heads up SSgA’s operations in Japan, has been appointed head of SSgA International.
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.