WM chief gets expanded role at State Street
UK – State Street has appointed the head of its performance-measuring arm WM Co., Peter Adams, as the London head of its UK pensions servicing team.
Adams will be responsible for aligning State Street and WM’s pension capabilities across the organisation. He will retain his role as managing director at WM. A spokeswoman for State Street said that the expansion of Adams’ position was part of an alignment of the business so that Adams could oversee the two parts of the business.
Commenting on the appointment, Jeff Conway, senior vice president of State Street Corp., said: “Peter’s extensive operational experience, as well as his knowledge of the pensions client base through the WM Co., make him an ideal fit for this important role.
“The combined capabilities of State Street and the WM Co. afforded us significant advantages and an array of solutions specifically designed to service our growing UK-pensions client base.”
The pensions servicing team deals with accounts administration and custody services and employs around 100 staff.
State Street acquired WM as part of the 1.5 billion-dollar deal to buy Deutsche Bank’s fund administration services last November. Since this time State Street has stressed the importance of integrating WM’s performance measurement capabilities and building on the services offered.
In April this year Conway said that State Street would be reviewing the strategy at WM, saying WM needed to “move up the value chain”. “We’re focusing on the what and the where,” Conway said, adding the WM had become “boxed-in” under Deutsche.