SSGA's UK MD Wightman resigns (Update)
UK – State Street Global Advisors has lost its second senior executive in less than a week, with the resignation of UK managing director Nigel Wightman (updates with more information).
“Yes, he’s resigned,” said an SSGA spokeswoman in London. Boston-based spokeswoman Hannah Grove said European MD Jean-Francois Schock would probably take over from Wightman on an interim basis.
She added that SSGA has spoken with clients and consultants and added it is not expecting there to be any client impact. It was “business as usual”.
Wightman’s departure comes in the wake of Alan Brown’s surprise decision on Friday to step down as chief investment officer for the fund manager.
“We’re sorry that he’s left,” Grove said. “Both he and Alan were extremely good ambassadors for the firm.”
She added: “We don’t think there’ll be other departures. We feel we are in good shape.”
Wightman was a principal of SSGA and MD of SSGA Ltd. He joined the firm in January 1997.
He was a member of State Street's London operating board, the UK executive committee and was an MD of State Street Bank Europe Ltd. He has 25 years of experience in the investment management industry in London and Hong Kong, the firm’s web site says.
Brown left after he was passed over for the top job at SSGA. In January, the bank named 42-year-old William Hunt as chief executive of SSGA after the death of Timothy Harbert last year.
Brown stepped in as acting co-chief executive alongside Peter Leahy after the death of Harbert before Hunt joined but both are understood to have applied for the top role.
After missing out on the permanent appointment Brown received a bonus pot worth up to 200% of his base salary, to be paid in 2006.
Leahy has since been promoted to executive vice president and is now responsible for State Street's global alliance companies and client sales and strategy in addition to his former role as chief operating officer.
Brown's role overseeing the three CIOs is to be divided among the team, according to SSGA. He had been promoted to group CIO in 2001, after joining the company in 1995.