State Street Corporation has appointed Damian Hoult to its Global Markets’ agency outsourced execution team as a trading sales executive.
Hoult would work with asset managers and asset owners to identify where State Street’s multi-asset class execution capabilities could add value as an outsourced service.
Based in Sydney, Hoult would work with clients across the Asia Pacific region and would be responsible for developing sales strategies as well as contributing to the continued development of the outsourced trading product at State Street.
Hoult had over 25 years’ experience and was most recently chief executive of Basis Global Analytics.
Prior to that, he was global head of trading and execution services at Macquarie Securities where he oversaw global portfolio trading, electronic execution and transition management.
Before that, he previously worked for State Street Global Markets as Asia Pacific head of agency execution.
James Woodward, head of portfolio solutions for State Street Global Markets in Asia Pacific, said: “Our industry continues to rapidly transform. Trends such as consolidation, margin compression and changing regulatory demands are putting pressure on costs, which is why outsourced trading is becoming a compelling option for many institutional investors.
“An increasing number of asset managers and asset owners are likely to move to outsourcing some of their trading.
“Clients benefit from experienced trading personnel, access to liquidity, state-of-the-art technology and a continued focus on execution quality, without having to build, pay or maintain it for themselves.”
Hoult said: “State Street’s modular-based front-to-back office technology and analytics suite is impressive and enables clients to better leverage their data.
“I look forward to working with clients to enable them to focus on their core capabilities, like portfolio construction, while leveraging the scale and liquidity of State Street Global Markets’ global trading platform for implementation.”