State Street Global Advisors is dropping its “SSGA” moniker.
The asset manager said it is moving away from using the short hand SSGA — effective immediately — and would like to be referred to as State Street Global Advisors going forward. Should shorthand need to be used, then it can be communicated as “State Street” on second reference rather than “SSGA.”
The change is a move to clear up confusion and to make sure State Street Global Advisors’ brand perception is consistently communicated when spoken about.
According to Stephen Tisdalle, chief marketing officer for State Street Global Advisors, the firm has done some analysis and found there’s some confusion around the name, and as a result the entity itself.
Tisdalle said a whole portion of the market referred to the firm simply as “State Street,” while another portion refer to it as “SSGA.” Another portion referred to it as “State Street Global Advisors,” and another portion refer to it as “State Street Bank.”
“Depending on who you are and what day of week it is and what the type of meeting is, there’s been an interchange, an interuse of words and names that can make it confusing,” he told ThinkAdvisor.
So, now, the firm is attempting to streamline the communication and enforce discipline so it is clear to everyone that interacts with State Street Global Advisors who they’re interacting with.
“What we’re really seeking to do is really have clarity that the entity you’re working with is State Street Global Advisors,” Tisdalle explained. “We’re the third largest asset manager in the world, and a lot of people don’t understand or know that. There’s one unified organization that you work with that has many capabilities that expand across the asset classes, multi-asset class solutions, and the ETF offerings.”
‘Fearless Girl’ on the Move
“Fearless Girl,” who was placed in front of the “Charging Bull” on Wall Street in March 2017, is set to move by the end of 2018.
State Street Global Advisors‘ Lori Heinel — who was behind the statue’s commission — wrote in a recent LinkedIn post that “Fearless Girl” is moving to a new location in the heart of New York’s Financial District. By the end of 2018, she will stand outside the New York Stock Exchange.
“‘Fearless Girl’ was originally slated to remain in her current location for just a few days,” Heinel wrote. “But, following a groundswell of support, a social media frenzy, and an online petition with 40,000 signatures demanding that she stay, NYC Mayor Bill De Blasio made her part of the city’s public art program to keep her in place.”
Tisdalle told ThinkAdvisor that a specific date for the move has not yet been agreed upon.
“We’re ironing out those details,” he explained. “The ambition definitely is within the next few months.”
Tisdalle said the firm is still in discussion with the mayor’s office and is still working on getting the right permitting and insurance, as well as make sure the installation and experience is highly accessible to everyone.
According to Tisdalle, the move is happening to provide greater accessibility in a more secure, safe environment while placing her where she won’t lose her intended purpose.
“The volume of traffic and pedestrians who visit the statue have led us — in discussions with the leadership of New York City, the mayor’s office in particular — to find a location that provides really good access in a safe and secure location that at the same time has the same prominence of why we placed her down in the center of the world’s financial capital,” he explained to ThinkAdvisor. “There’s no better place to do that then opposite the New York Stock Exchange, where we are voting to have greater representation of women on boards in publicly held companies that we invest in on behalf of investors.”
Because “Fearless Girl” is still in the temporary arts program of New York City’s Department of Transportation, she is only allowed a 12-month permit, similar to other art installations. However, the hope is the NYSE location will be more long-term.
“We anticipate this being a longer-term location, but we’re taking it a step at a time,” Tisdalle said.