By Chelsey Dulaney
State Street Corp. on Tuesday tapped former Fidelity Investments
executive Ron O'Hanley to lead its asset management business,
starting next month.
Mr. O'Hanley, 58 years old, will succeed current State Street
Global Advisors Chief Executive Scott Powers, who is retiring later
this year after more than seven years leading the firm.
Mr. Powers, 56 years old, will help with the transition over the
next several months.
Mr. O'Hanley, a 30-year industry veteran, was chief of
Fidelity's asset management business until February of last
year.
His exit came nearly a year and a half after Fidelity promoted
Abigail Johnson to president, establishing her as the successor to
her father, Fidelity Chairman Edward C. "Ned" Johnson III. Some
analysts had speculated that both were candidates to succeed Mr.
Johnson.
Prior to Fidelity, Mr. O'Hanley held leadership roles at Mellon
Bank and Bank of New York Mellon.
The appointment comes as State Street faces inquiries from
various regulatory bodies about its foreign-exchange practices and
also faces lawsuits filed on behalf of custodial clients over
foreign-exchange rates.
In February, State Street said it was revising its
fourth-quarter earnings lower after the bank increased reserves to
cover the potential resolution of some claims related to
foreign-exchange activities.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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