State Street Global Advisors has announced that James MacNevin has been appointed its Asia Pacific business’ head, effective immediately, replacing Lochiel Crafter in the role.
MacNevin, who was previously chief operating officer for Asia Pacific, would bring extensive experience with the firm to the role.
“James is a 20-year veteran with the firm and has held a wide variety of roles across the globe including leading the launch of Australia’s first exchange traded fund (ETF) and establishing our presence in India,” said Cyrus Taraporevala, State Street Global Advisors chief executive.
Taraporevala said that he would be heading the Asia Pacific team at a time when it was crucial to State Street’s global strategy, as the firm continued to develop its offerings to institutional and retail clients in the region.
At 31 December, 2017, the State Street Australian business managed $165 billion and the Australian SPDR ETF business had $5.9 billion assets under management.
When asked by Money Management about his plans for the Australian operation, MacNevin said that “we have built our business serving institutional and intermediary clients and we will continue to focus on delivering reliable and transparent returns to our clients.”
He said that State Street’s SPDR ETF business would also continue to play an important role in its strategy in Australia.
Crafter would become head of the Global Institutional Group with responsibility for State Street’s institutional distribution globally.
“I’m proud of the great team of people here in Australia, who are focused on delivering quality solutions to our clients and am confident they will continue to help our clients achieve their financial goals,” he said.
MacNevin would report directly to Crafter in the role.