Since 1992, Mr. Hynes has been president of State Street Brokerage Services, the securities sales unit of State Street Bank and Trust Co. That same year, he was assigned oversight of the bank's institutional money management unit. And last month, he completed the hat trick, taking on responsibility for State Street's personal trust and investment management business. His expanded role puts Mr. Hynes at the center of State Street's efforts to integrate its trust and investment management services for both individuals and institutions. He reports to Nicholas A. Lopardo, executive vice president of State Street Bank and Trust, the banking subsidiary of State Street Boston Corp. As managing director of State Street Global Advisors, Mr. Hynes oversees $158 billion of the $199 billion in assets managed by its umbrella organization, State Street Global Investment Management. "This is wanted to do when I first started studying the investment business 25 or more years ago: to be involved in an investment management organization," Mr. Hynes said in a telephone interview last week. "There were a few detours on the way, I guess." There were indeed. Before joining State Street in 1988 as a portfolio manager, Mr. Hynes racked up wide-ranging financial experience. He has worked at trading, options, and derivative desks at several investment houses. And his first job, in 1974, was as a trust portfolio manager at United California Bank, which has since been swallowed up by First Interstate Bancorp. Mr. Hynes' challenge at State Street is to meld the activities of three distinct business units into one. The walls that traditionally separated brokerage, personal investment, and institutional investment units have been coming down slowly, he said. He credits Mr. Lopardo with recognizing the need for management to help the process along. Integration is key to State Street's game plan of expanding personal client business. Now, it offers a burgeoning class of clients the best products, even if those vehicles are usually employed by institutions. Mr. Hynes says he's got what it takes to get the businesses working in sync. During a stint at Jefferies & Co., an institutional brokerage firm, he created a trading system tailored to the futures market, which was just taking off. "The people that were doing that business needed a way to reduce the impact of their trades and take some of the volatility out. This system was not traditional by any means, but it solved those problems," Mr. Hynes said. Mr. Hynes' talent for creating new products to meet growing demands is transferable to any business, according to his old boss at Jefferies. "He's got a clear vision as to what's going on - if there is a new concept out there, he's usually at the edge of it," said Ray L. Killian, president of Investment Technology Group Inc., a Jefferies affiliate.
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