State Street Global Advisors has announced in an internal memo that it has promoted Eric Hayes to run its private asset management division.
Mr. Hayes, 48, succeeds John Serhant who had run the unit for six months when private asset management became a strategic focus at State Street. Mr. Serhant will remain vice chairman of State Street Corp. and chairman of its investment committee, the Tuesday memo said, and will continue to oversee the Boston banking companys private-client business, including its Bel Air Investments unit for the ultra-wealthy.
Mr. Hayes will continue to report to Mr. Serhant as he runs State Street Global Advisors private-client asset management businesses in New England and Florida. The unit manages $20 billion of assets for individuals and families with more than $5 million of assets under management.
He has been with State Street Global Advisors for eight years, the last three and a half as its chief fiduciary officer. Mr. Hayes said the unit would continue to focus on developing investment products to attract and retain wealthy clients.
The company wants to develop a best of breed product across the asset classes, including the small-cap space, he said.
We want to leverage off our office of the family adviser and continue to maintain our position with families that have significant wealth by delivering them excellent products and services, Mr. Hayes said.
State Streets private asset management unit will maintain a tight focus on New England and Florida for the time being, he said.
Despite the choppiness in these markets, the high-net-worth area continues to grow and give good opportunities for State Street, Mr. Hayes said. The financial markets arent where wed like to see them, and retaining and attracting top-quality people is difficult as competition becomes more intense. But we are going to stand tall in order to meet the ultimate challenge of retaining clients.
