State Street Corp. has appointed New York Life Investment Management CEO Yie-Hsin Hung as president and CEO of State Street Global Advisors, its asset management business.
She will join the organization in December, succeeding Cyrus Taraporevala, whose planned retirement the firm announced earlier this year. Taraporevala will assume the role of advisor and stay through early 2023 to provide a smooth transition, State Street said.
Hung will report to State Street Chairman and CEO Ron O'Hanley and join State Street's executive committee.
She has served as New York Life Investment Management CEO since 2015, leading the multi-boutique, global investment management business to achieve a nearly four-fold increase in assets under management. Hung previously served in numerous senior executive roles at NYLIM, and earlier held leadership positions at Bridgewater Associates and Morgan Stanley.
"We are delighted to welcome Yie-Hsin to State Street. She is an industry veteran, who brings to Global Advisors her notable history of delivering growth," O'Hanley said. "Her career has been impressive, successfully delivering strong results as she expanded NYLIM's investment capabilities, entered new markets and strengthened the business' data and technology infrastructure. She also brings a true commitment to fostering a culture of inclusion, collaboration and product innovation."
