State Street Corp. hired Scott Powers as president and chief executive officer of its investment arm, State Street Global Advisors.
Mr. Powers, 48, was the CEO of Old Mutual U.S., an operating unit of London's Old Mutual PLC. He will join State Street this month and will succeed James S. Phalen, who has been the interim president and CEO of State Street Global Advisors since January. Mr. Phalen will remain the head of international operations for State Street's investment servicing and investment research and trading businesses.
Mr. Powers also will join State's Street operating group, its seniormost strategy and policymaking team.
State Street Global Advisors, which announced the hiring Friday, had $2 trillion of assets under management at yearend.
