GLOBAL - Alan Brown, group chief investment officer at State Street Global Advisors (SSgA), has resigned and taken gardening leave.
Global Pensions understands State Street will not appoint another group CIO, but instead leverage off the existing abilities of its other CIOs in Europe and Asia-Pacific.
“State Street has accepted Alan Brown’s resignation from SSgA, effective today,” said spokesperson Hannah Grove.
“We are going to miss him, but State Street already has a very strong and proven team in place and it is very much business as usual.”
Grove said State Street was in the process of reallocating Brown’s responsibilities.
“We will reassign some of Alan’s responsibilities to other members of the investment strategy team and we will be announcing those changes shortly,” she said.
Brown joined State Street in 1995. He was appointed acting co-chief executive alongside Peter Leahy after the death of Timothy Harbert last year.
Leahy has since been promoted to executive vice president in addition to his role as chief operating officer but Grove stressed the appointment was not a result of Brown’s resignation. Leahy was promoted prior to Brown’s resignation today.
In January, SSgA announced William Hunt, who has been with the company since1994, as Harbert’s permanent replacement.
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