State Street Names James Phalen Vice Chairman
BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE:STT) announced today that it has named James (Jim) Phalen to Vice Chairman, effective March 1, 2014.
“Jim has been instrumental in transforming and redefining our business operations and technology infrastructure to help us to stay ahead of the changes in the industry and deliver better solutions for our clients”
A 21-year veteran of State Street, Phalen, age 63, has served as executive vice president and head of Global Operations and Technology since 2010. As a member of State Street’s Management Committee, the company’s senior-most strategy and policy making group, Phalen is responsible for the firm’s Business Operations and Information Technology program including innovation and cloud computing initiatives. Previously, he led international for State Street’s Global Services and Global Markets businesses. Phalen also held several leadership positions within State Street’s asset management division.
“Jim has been instrumental in transforming and redefining our business operations and technology infrastructure to help us to stay ahead of the changes in the industry and deliver better solutions for our clients,” said Joseph L. Hooley, chairman, president and chief executive officer at State Street. “As technology continues to set the pace, it will be even more important that we use IT to a full competitive advantage. This appointment reflects the value of Jim’s insights and contributions to our future success.”
Phalen is a director of Boston Financial Data Services and the Boston Medical Center. He holds a degree from Boston College and is a graduate of the Stonier Graduate School of Banking. He also attended the Executive Development Program at Massachusetts Institute of Technology’s Sloan School of Management.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $27.4 trillion in assets under custody and administration and $2.3 trillion in assets under management* at December 31, 2013, State Street operates in more than 100 geographic markets worldwide, including the U.S., Canada, Europe, the Middle East and Asia. For more information, visit State Street’s web site at www.statestreet.com.
* This AUM includes the assets of the SPDR Gold Trust (approx. $31 billion as of December 31, 2013), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as the marketing agent.