$3.4 Trillion State Street Hires Yie-Hsin Hung as New President & CEO, Succeeds Cyrus Taraporevala Who Had Announced Retirement in January 2022
29th September 2022 | Hong Kong
State Street Global Advisors with $3.4 trillion AUM (Assets under Management) has announced the hiring of Yie-Hsin Hung as the new State Street asset management President & CEO, succeeding Cyrus Taraporevala who had announced his retirement in January 2022. Yie-Hsin Hung will from join New York Life Investment Management (CEO since 2015) in December 2022, reporting to State Street Chairman and Chief Executive Officer Ron O’Hanley and will join State Street’s Executive Committee. State Street: “While at NYLIM, Yie-Hsin led a multi-boutique, global investment management business that provides a broad range of fixed income, alternatives, equity and ESG capabilities. During her tenure at the firm, Hung led NYLIM to achieve a nearly four-fold increase in assets under management. Prior to assuming the role of CEO of NYLIM, Hung held numerous senior executive roles including co-president and chairman of NYLIM International. Before joining NYLIM, she held leadership positions at Bridgewater Associates and Morgan Stanley.”
“ $3.4 Trillion State Street Hires Yie-Hsin Hung as New President & CEO, Succeeds Cyrus Taraporevala Who Had Announced Retirement in January 2022 “
State Street Chairman and Chief Executive Officer Ron O’Hanley:
“We are delighted to welcome Yie-Hsin to State Street. She is an industry veteran, who brings to Global Advisors her notable history of delivering growth. Her career has been impressive, successfully delivering strong results as she expanded NYLIM’s investment capabilities, entered new markets and strengthened the business’ data and technology infrastructure. She also brings a true commitment to fostering a culture of inclusion, collaboration and product innovation.”
Yie-Hsin Hung, State Street Global Advisors New President & CEO
“I am excited to join State Street Global Advisors, an organization and leadership team that I have had the opportunity to work with at various points over my career. It is a pivotal time in the asset management industry, and I look forward to building on the strong foundation at Global Advisors to continue to drive growth and help prepare our clients for the future.”
In 2022, Hung was named to Barron’s list of the 100 Most Influential Women in US Finance for the third time, and in 2021, she was selected by American Banker as one of the 25 Most Powerful Women in Finance for the fifth consecutive year. She has also been named by Forbes to its list of 50 over 50. She is a member of the Board of Trustees of Northwestern University; the Chair of the Executive Committee and Board of Governors of the Investment Company Institute (ICI); the US Institute Asset Management CEO Roundtable; C200; The Women’s Forum of New York and the National Association of Corporate Directors. Hung also serves on the non-profit board of Next for Autism. Hung earned her MBA from Harvard University and B.S. in Mechanical Engineering from Northwestern University, from which she received a Distinguished Alumni Medal in 2019, the highest honor granted by the Northwestern Alumni Association. On Hung’s arrival, Taraporevala will assume the role of advisor and stay through early 2023 to provide a smooth transition of responsibilities.
Cyrus Taraporevala, State Street Global Advisors Outgoing President & CEO
Taraporevala joined State Street Global Advisors in 2016 and held a variety of senior leadership roles including responsibility for leading the global institutional client, product and marketing teams. He was appointed president and chief executive officer of State Street Global Advisors in late 2017. Under his leadership, Global Advisors has delivered impressive growth and the results have been an important component of State Street’s overall performance. Over the course of Taraporevala’s tenure, State Street’s investment management pre-tax earnings grew by 67 percent and pre-tax margin expanded by 11 percentage points from 21 percent1 in 2017 to 32 percent in 2021. In our financial results announced today, State Street Global Advisors finished this past year with assets under management of $4.1 trillion, up almost 50 percent from end-2017.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $38.2 trillion in assets under custody and/or administration and $3.5 trillion* in assets under management as of June 30, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide. For more information, visit State Street’s website at www.statestreet.com.
*Assets under management as of June 30, 2022 includes approximately $66 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
About State Street Global Advisors
For four decades, State Street Global Advisors has served the world’s governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of index and active strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become the world’s fourth-largest asset manager* with US $3.48 trillion† under our care.