When State Street announced plans to acquire Brown Brothers Harriman Investor Services last year, it turned to a trusted executive to oversee the integration: Donna Milrod, who was leading both State Street's Global Asset Managers segment and the Global Clients division.
The task is daunting, and has led to a total rethink of her firm's current operating model, corporate culture, and technical infrastructure. The goal is to bring BBH's custody, accounting, fund administration, global markets, and technology services into State Street. To ensure a smooth transition, Milrod has formed an Integration Management Office, with 19 groups created to leverage the best human capital and technology capabilities from each organization.
The $3.5 billion acquisition is crucial for State Street, positioning the company as one of the top asset servicing firms in the world. The addition of BBH Investor Services will deepen the scope of product offerings and expand geographic coverage into key non-US markets—such as Japan, Ireland, and high-growth regions of Latin America.
"Fundamentally, this acquisition is complementary in three ways: it allows us to expand and deepen our geographic presence; strengthen and propel our leading products and services, particularly within Asset Servicing and Alpha; and will enhance our talent and client orientation," Milrod said.
The acquisition remains subject to regulatory approvals and the closing has been delayed several times since the initial announcement last September.
Before this current assignment, Milrod's team provided services to 1,077 clients, which accounted for over 70% of State Street's total assets under custody and generated the bulk of the firm's revenue. In her new role, she continues as a member of the State Street Management Committee, which functions as the company's most senior strategy and policy-making body.
Milrod has taken an active role in several employee groups. She is a member of State Street's professional women's network, an employee-led group that seeks to improve networking and professional development opportunities for women. She also serves as a mentor in "Leading Women," a group of State Street female executives that sponsor senior women across the organization, assisting them with advancing the careers of their junior colleagues. In addition, she is an executive sponsor for State Street's PRIDE network, whose leaders act as visible allies and advocates for the firm's LGBTQ+ employees.
Outside of State Street, Milrod is a member of the Women Corporate Directors Foundation (WCD) and the Women's Forum of New York, a network of women leaders dedicated to empowerment in the workplace.
