Short Takes: State Street Targeting Middle Market Pensions

State Street Boston Corp. created a sales position in its investment management arm to focus entirely on pension plan clients from midsized companies.

The Boston-based bank said Monday that Michael C. McNabb, a managing director at State Street Global Advisors, will work exclusively on sales to pension plans with assets under management ranging from $26 million to $125 million.

Previously, State Street executives had not exclusively focused on such a target group, but Mr. McNabb's position was created to pick up prospects that size.

"It's a segment of the market that is increasingly important. It seems desirable to have somebody with experience and knowledge focusing on this sector exclusively," a State Street spokesman said.

Previously, Mr. McNabb directed sales for State Street Global Advisors' trust and investments division, which manages over $8 billion for wealthy individuals, endowments, and foundations. State Street Global Advisors has a total of $292 billion in assets under management.

To take Mr. McNabb's place in the trust department, the bank promoted J.H. "Jay" Cromarty. Mr. Cromarty, who joined State Street last year, had been managing director in its office of the fiduciary adviser, overseeing $2.5 billion in retirement assets.