(Bloomberg) -- Ronald O'Hanley, who stepped down last year as head of Fidelity Investment's asset management business, is set to run State Street's $2.45 trillion investment arm.

Scott Powers, 56, the current head of State Street Global Advisors, will retire this year, according to a statement Tuesday from the Boston-based company. He will start transitioning responsibilities to O'Hanley, 58, in early April.

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