In an unusual move, the board of directors that oversees the 26 proprietary, non-ETF mutual funds managed by State Street Global Advisors Funds Management (SSgA) of Boston, has adopted a two-year rotating term for its independent trustees to take the chairperson's role for a spin. SSgA is a wholly owned investment advisory subsidiary of State Street Corp.
According to a Feb. 6 filing with the Securities and Exchange Commission, effective Jan. 1, 2006, each of the current seven independent fund board trustees will be eligible to serve as board chairman "for a two-year term on a rotating basis." Lynn Anderson, 66, the board's incumbent independent chairman, will be the first to assume the two-year position, as decided upon by the board. Anderson, who recently retired as the vice chairman of Frank Russell Co. in Tacoma, Wash., has been the chairman of the board of the State Street funds since 1988.