As businesses increasingly employ artificial intelligence (AI), Ann Fogarty is studying agentic AI through a Massachusetts Institute of Technology (MIT) course, to learn how to write prompts and otherwise optimize its use.
"I want to really understand the opportunities there," she said.
Fogarty leads the global delivery of State Street's investment services, the firm's largest business unit. In July 2025, she was appointed chief operating officer of investment services, with a remit to align expertise from across State Street to address challenges and develop solutions. (American Banker's methodology requires that a woman be in her role for at least one year, so Fogarty is ranked based on her performance as head of global delivery, not her current position as COO of investment services.)
Her curiosity has been a key differentiator, said Karen Peetz, who was previously president of BNY and then the chief administration officer at Citibank until retiring in 2023. She called Fogarty the "master of all the important details behind her areas of responsibility," a trait that has "greatly enhanced her effectiveness, particularly with clients."
The two executives first met in Dublin, where Fogarty—an Irish native—worked in a joint venture started in the late 1990s between Allied Irish Banks (AIB) and BNY to provide fund administration and custody services to European clients. Fogarty stayed with BNY after it purchased AIB's stake in 2006 and ran its European operations. She moved to the U.S. in 2015 to oversee the global operations of its funds business.
In 2021, she accepted an offer to move to State Street, which had just launched its State Street Alpha investment management platform.
"That was the catalyst that brought me here: new challenges, products, a new city—another redefinition of myself, if you like," Fogarty said.
State Street Alpha's integration of the Charles River Investment Management Solution with its middle and back office services has fueled significant growth, including nearly half of 2024's $2.3 trillion in new assets under custody and/or administration, which reached a total of $46.6 trillion.
Her wide-ranging experience combined with her penchant for understanding operational details, Fogarty said, has provided her with a "quiet and deep confidence" in making and executing decisions.
For example, BNY entered full crisis mode a decade ago after a third-party software glitch resulted in an extended outage of client services, and Fogarty provided daily updates to anxious clients and senior management.
"Although far more junior than many of the executives on those calls, she earned the respect, praise and thanks from everyone involved," Peetz recalled. "She's able to speak truth to power, particularly when the going gets tough."
Consequently, her perspective is highly sought after. Fogarty currently serves on several State Street board of directors subcommittees, and earlier this year was appointed chairperson of State Street Bank International's supervisory board. She's also a member of the Securities Industry and Financial Markets Associations' (SIFMA) board and its digital assets working group.
Remembering her roots, Fogarty has served on Irish Funds Industry Association committees and is a founding member of the Irish chapter of the 30% club, which promotes greater representation of women in senior business roles.
