State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), announced today that Jim Ross, chairman, Global SPDR, will be retiring from the firm at the end of March 2020 after a distinguished 27-year career.
Ross, who joined State Street in 1992, was instrumental in creating, developing and bringing to market many of the world’s first ETFs, earning him the moniker of the “godfather of ETFs.” The product grew from inception in 1993 when SPY was launched on the American Stock Exchange, to an industry that today stands at almost $6 trillion worldwide and is still one of the fastest -growing investment products in the market.
“Without question Jim has been one of the most influential figures in the investment management industry,” said Ron O’Hanley, CEO and president, State Street. “I have known Jim for many years and I am constantly struck by his dedication to clients, his focus on building and developing teams and his passion for creating solutions for investors of all types. His role in creating many of the world’s first ETFs ensures he will go down in history as an instrumental player in perhaps the most important product innovation the industry has seen. The ETF today provides a vital diversified investment product for investors across the spectrum and for that we, and the industry, owe Jim a great deal.”
Cyrus Taraporevala, CEO and president, State Street Global Advisors, added, “Jim’s contribution to the history of financial services is irrefutable. He is a titan who has played a key role enabling institutional and individual investors to invest in new and unique manners, with greater precision of exposures and liquidity. We are extremely proud of his accomplishments in helping to create many of the world’s first ETFs and his impact at State Street will be felt long after he has bid farewell. We wish him the very best in his retirement; he has earned it.”
“I am deeply grateful for the opportunities I have had during my career at State Street,” said Ross. “Every success I was part of came down to working alongside amazing teams and great leaders who embraced innovation and collaboration and were dedicated to serving clients. I am looking forward to my next chapter which will undoubtedly include remaining engaged in the ETF industry, but also devoting more time to my non-profit work. I leave behind the best teams and clients in the business and an organization that will continue to innovate with purpose and deliver with excellence on behalf of those great clients, stakeholders and investors around the world.”
About SPDR Exchange Traded Funds
SPDR ETFs are a comprehensive family spanning an array of international and domestic asset classes. SPDR ETFs are managed by SSGA Funds Management, Inc., a registered investment adviser and wholly owned subsidiary of State Street Corporation. The funds provide investors with the flexibility to select investments that are precisely aligned to their investment strategy. Recognized as an industry pioneer, State Street created the first US listed ETF in 1993 and has remained on the forefront of responsible innovation, as evidenced by the introduction of many ground-breaking products, including first-to-market launches with gold, international real estate, international fixed income, and sector ETFs. For more information, visit www.spdrs.com.
About State Street Global Advisors
For four decades, State Street Global Advisors has served the world’s governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of active and index strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become the world’s third largest asset manager with nearly US $2.95 trillion* under our care.
* This figure is presented as of September 30, 2019 and includes approximately $44 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
Intellectual Property Information: Standard & Poor's®, S&P® and SPDR® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.
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Expiration Date: 11/30/2020