State Street Corp. said Cyrus Taraporevala, president and chief executive officer of State Street Global Advisors, will retire this year.
Taraporevala, 54, who joined State Street’s investment-management arm in 2016 and has been in his current roles since 2017, will stay on until the Boston-based firm finds a successor, according to a statement Wednesday.
“I wouldn’t expect to see a broad strategic change here,” State Street Chief Executive Officer Ron O’Hanley said during the firm’s fourth-quarter earnings call Wednesday. “This is an attractive business and one in which we will look inside and out and get the right person to take us to the next level here.”
State Street Global Advisors is known for its exchange-traded funds, including the $430 billion SPDR S&P 500 ETF Trust. During Taraporevala’s tenure, State Street’s investment-management pretax earnings grew by 67%, the company said. Before becoming CEO of the unit, he held a variety of senior leadership roles, including heading up the global institutional client, product and marketing teams.
“We have full intention of continuing to fund and grow that business,” O’Hanley said on the call.
State Street Global Advisors had $4.1 trillion in assets under management as of Dec. 31.
State Street shares slid 4.8% to $96.19 at 12:30 p.m. in New York trading. Earlier Wednesday, the company reported fourth-quarter adjusted earnings per share of $2, beating the $1.88 average estimate of analysts surveyed by Bloomberg. Revenue rose 4.7% from a year earlier to $3.05 billion.
This article was provided by Bloomberg News.