SSgA Taps Former Fidelity Exec O’Hanley as New President, CEO

State Street Corp. announced Tuesday that Ronald O’Hanley will become the new president and CEO of State Street Global Advisors, replacing Scott Powers, who plans to retire later this year.

O’Hanley, 58, who will begin as the new president and CEO in April, has nearly 30 years of experience in leadership roles within the industry, most recently serving as president of Asset Management & Corporate Services for Fidelity Investments.

Powers, who has lead State Street Global Advisors (SSgA) for more than seven years, will work with O’Hanley over the next several months to ensure a smooth transition.

Powers is credited with growing SSgA’s market share across both the institutional and intermediary channels. In the past five years alone, assets under management have increased 22%; ETF assets under management have grown by 85%, and multi-asset class solutions assets under management have grown by 48%.

O’Hanley will report to Jay Hooley, chairman and CEO of State Street, and will join the company’s Management Committee, its senior-most strategy and policymaking team. 

“Scott has been a highly effective leader for our asset management franchise and I thank him for everything he has done to strengthen SSGA’s leadership position, talent and culture,” Hooley said in a statement. “We’re extremely fortunate to have such a strong successor in Ron, someone I have known personally for many years, as well as the talented and experienced management team at SSGA. Ron has a proven track record and extensive experience running a global multi-asset class investment management business.”