State Street Global Advisors (SSGA) has hired New York Life Investment Management (Nylim) boss Yie-Hsin Hung to be its new CEO.
She will join the company in December and report to State Street Chairman and CEO Ron O’Hanley.
“I am delighted to join State Street Global Advisors, an organization and leadership team that I have had the opportunity to work with at various times in my career,” Hung said in a statement.
“This is a pivotal time in the asset management industry, and I look forward to building on SSGA’s strong foundation to continue to drive growth and help prepare our clients for the future.”
Hung (pictured) will succeed Cyrus Taraporevala, SSGA’s current President and CEO, who announced his retirement in early 2022. Taraporevala joined SSGA in 2015 and has held various leadership positions including responsibility for leading teams institutional clients, products and marketing. .
He was named chairman and CEO in late 2017. Following Hung’s appointment, Taraporevala will take on the role of advisor and remain with the firm until early 2023.
Hung joins SSGA from Nylim where she had served as CEO since 2015, having joined the firm in 2010.
Following Hung’s departure, Alain Karaoglan, head of strategic business for New York Life, will oversee Nylim. The company began looking for a new CEO.
“We would like to thank Yie-Hsin for his many contributions to New York Life Investments and wish him well in his future endeavours,” a Nylim spokesperson said.