GLOBAL – State Street Corp. has named William Hunt, who currently manages its largest client relationships, to replace Tim Harbert as chief executive of State Street Global Advisors.

The Boston-based firm named Hunt, 42, as president and chief executive of SSGA, its asset management arm. Hunt will report to State Street chairman and CEO Ronald Logue.

He takes over the role from Tim Harbert, who died in August last year of a heart attack. Hunt was first hired by Harbert in 1994 as managing director of SSGA’s Tokyo office.

“Most recently, Bill was head of the company's global relationship management group, which is responsible for managing State Street's largest customer relationships,” the firm added.

“He will continue to serve as a member of State Street's operating group, its most senior strategy and policy making team.”

"Bill has a proven track record and years of experience building business in various assignments while at SSGA," Logue said.

"I am honoured to return to SSGA to lead this exceptional group," Hunt said.

Before Hunt’s appointment, Alan Brown, group chief investment officer and Peter Leahy, chief operating officer, were acting co-heads of SSGA.

Elsewhere, Marsh & McLennan Companies said it has reached an agreement with New York State Attorney General Eliot Spitzer over an insurance market bid-rigging scandal. It would set up an $850m fund to compensate clients.

Under the terms of the agreement, the company neither admitted nor denied Spitzer’s bid-rigging allegations.

"Today's settlement is a significant step forward for MMC- its people, its clients, and its shareholders,” said MMC president and CEO Michael Cherkasky. “It removes a major uncertainty for the company and enables us to focus all of our attention on serving our clients.”