UK – State Street Global Advisors has set up a research centre in London, which will be headed by a former economist at the US Federal Reserve.

State Street said in a statement that it has set up a unit in London to “design investment processes incorporating the latest techniques in finance and economics”. It provides quantitative analysis for use across State Street Global Advisors’ range of investment strategies.

“The opening of a London centre, which begins operations this month, capitalises on the success the group has had in other markets including the US, Australia, and Japan,” SSGA said.

Mark Hooker is to move from a similar operation in Boston, where he was deputy director. Before joining SSGA he was a macroeconomist for the board of governors of the Federal Reserve System in Washington.

“This operation will add tremendous resources to our European team across all asset classes,” said SSGA marketing director Kanesh Lakhani.

SSGA manages 763 billion dollars in assets and is the ninth largest manager of European pension fund assets.