US – Boston based investor services group, State Street Corporation, has announced that Nicholas Lopardo, vice chairman of State Street Corporation and chairman and chief executive officer (CEO) of $727bn (€821bn) State Street global Advisors (SSgA), the group’s investment management arm, has retired from the company. This follows a week of speculation that his position was under review.

He will be succeeded by Timothy Harbert, president of SSgA and executive vice chairman of State Street Corporation. The two men had worked closely together for the past 14 years.

Says David Spina, chairman and CEO of State Street Corporation: “Lopardo has been a key contributor to State Street’s success, helping to build SSgA into one of the world’s largest asset management firms, and as a result, we are confident that SSgA is well positioned to continue its track record of growth.”

Lopardo joined State Steet in 1987 and with him at the helm, SSga’s assets under management grew from $18bn to its current level of $727bn. The company was an innovator in index strategies and launched the first exchange traded fund (ETF) in 1993. He was appointed vice chairman of State Street Corporation in 1997 and elected to the board of directors in 1999, when he assumed responsibility for the company’s investment management and trading businesses.

Says Lopardo : “I intend to work closely with David Spina and Tim Harbert to ensure a smooth and seamless transition for our clients.”

Harbert was taken on by Lopardo in 1987 to help consolidate SSgA’s position. He takes particular credit for the success of the expansion of SSgA’s activities outside the US, particularly its London-based operations.

Says Harbert : “All of us at SSgA owe Nick a great deal of thanks for his leadership and vision. We plan to work hard to continue that legacy and the rapid growth of the business worldwide.”