State Street Corp. has chosen the head of its United Kingdom unit to be chief investment officer in its asset-management division, State Street Global Advisors.
Alan Brown, a principal with the Boston-based banking company, will split his time between London and Boston. Before, he and principal Peter Stonberg shared the responsibility for making all investment strategy decisions.
Most of State Street's $350 billion of assets under management are in indexed portfolios; $19 billion are actively managed in U.S. and foreign equities.
Mr. Stonberg is now in charge of $9 billion of assets actively managed in U.S. equity portfolios in Boston.
Mr. Brown, a member of the investment committee, reports to Timothy J. Harbert, president of State Street Global Advisors. Mr. Stonberg, who now reports to Mr. Brown, remains vice chairman of the committee. Heydon Traub, principal, is responsible for actively managed foreign equity.
"The appointments reflect a combination of State Street Global Advisors' rapid growth and the potential to expand even further the firm's active U.S. equity business," Mr. Harbert said in a prepared statement.