(Bloomberg) -- State Street’s asset management unit said Nick Good and Rory Tobin will take over management of the firm’s global exchange-traded funds business.
Good, who is chief operating officer of the North American Intermediary Business Group and Tobin, head of European distribution, will become co-heads of the business, the company said in a statement. They’ll replace Jim Ross, who becomes chairman.
State Street has been seeking to improve its asset management business after its ETFs lost ground to BlackRock and Vanguard. The bank has expanded into more sophisticated products with higher fees, and is increasingly directing such offerings toward retail clients.
The firm announced last March it hired Ronald O’Hanley, who was head of Fidelity Investments’ asset management business, to run State Street’s. He replaced Scott Powers as head of State Street Global Advisors.
“Jim is already an important and influential thought leader in the ETF industry and now he will be taking on an even more active role in advancing our ETF strategy and shaping the global ETF markets,” said O’Hanley, president and chief executive officer of SSGA, in the statement.
State Street’s asset management business oversaw $2 trillion at the end of March. The unit had $13 billion in net inflows during the first quarter.