UK - State Street Global Advisors has hired Mihaly Domjan from the Hungarian central bank to be a senior portfolio manager in its cash management team.

The hire is to help it deal with the extra cash coming in as a result of the acquisition of Deutsche Bank’s Global Securities Services business.

SSGA said Domjan would be responsible for the day-to-day management of money-market products such as asset-backed bonds, floating-rate notes, commercial paper and reverse-repurchase agreements. SSGA manages more than 263 billion dollars in cash globally.

Domjan spent six years at the National Bank of Hungary in the money market and foreign exchange department. He will report to Michael Karpik, vice president and head of global collateral management.

Karpik said: “Mihaly’s appointment will add depth to our team and is especially timely following the intake of assets from the recently acquired Global Securities Service business.

“With the recent increase in assets, we are now running one of the largest short-term euro investment processes in Europe. With Mihaly’s expertise, we look forward to further developing the business.”