State Street Corp. of Boston, which is trying to widen its lead in the U.S. public funds market, has hired two executives from Northern Trust Corp., Mark Doherty as vice president of the institutional investor sales team and Michael Pettit as vice president of client management.
Mr. Doherty, who will be based in New York, was a senior sales representative responsible for local and national government entities and insurance companies at Northern Trust.
Previously he was a senior sales representative and relationship manager with Bank of New York, where he worked for more than three years.
Mr. Pettit, who will be based in Los Angeles, was a senior relationship manager at Northern Trust, covering public fund and Taft-Hartley pension and health plans for more than four years.
State Street, which announced the hirings Tuesday, is the leading provider of services to the U.S. public fund market, serving more than 40% of the industry.
It had $15.3 trillion of assets under custody and $2 trillion of assets under management at the end of 2007.
