Having been hit by bad calls on subprime investments, State Street Global Advisors and Bank of America’s Columbia Funds division are shaking up the ranks of their investment teams, The Wall Street Journal reports.
The chief investment officer for bond investments in North America, Sean Flannery, and two other bond executives, Paul Greff and Michael O’Hara, are gone from State Street, and new executives have been put in charge of the bond and cash divisions of Columbia Management.
State Street now has four chief investment officers, each overseeing a particular asset class.
“I think you could expect to see more of this” shakeup, said Lawrence Jones, an analyst at Morningstar.
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