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SSgA Appoints CEO Successor, Ex-Fidelity Investments

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The revolving door continues to spin in the world of asset management chiefs. State Street Global Advisors (SSgA) appointed Ronald O’Hanley III as president and CEO – effective April 1, 2015. O’Hanley replaces incumbent CEO Scott Powers who is retiring from SSgA later in 2015. Powers joined SSgA in 2008. Powers is also the former CEO of Old Mutual Asset Management US. SWFI analysts predict Powers is not finished in the world of asset management. Under his leadership at SSgA, exchange-traded fund (ETF) assets under management grew by 85%. In addition, multi-asset solutions in AUM have grown almost 50% under his tenure.

O’Hanley will report to State Street CEO and Chairman Jay Hooley. He will also join the company’s Management Committee.

In February 2014, O’Hanley left family-owned Fidelity Investments where he served as president of asset management and corporate services. O’Hanley is the former president and CEO of BNY Mellon Asset Management. He spent 13 years in leadership roles at Mellon Bank and Bank of New York Mellon. Before the merger of Mellon Bank and The Bank of New York, O’Hanley was president and CEO of Mellon Asset Management.

Tenure at Fidelity

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Calamos Investments to Acquire Timpani Capital Management

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Naperville, Illinois-based Calamos Investments signed a deal to acquire Milwaukee-based Timpani Capital Management LLC, which focuses on small and small-midcap growth investing. Founded in April 2008, Timpani Capital Management oversees around US$ 588 million in assets. The deal is expected to close in the second quarter of 2019.

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RDIF and Russia-Japan Investment Fund to Invest in Russian Subsidiary of SBI Holdings

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The Russian Direct Investment Fund (RDIF) and the Russia-Japan Investment Fund (launched by RDIF, the Japan Bank for International Cooperation and JBIC IG Partners) have reached an agreement with the Japanese corporation SBI Holdings to invest in SBI Bank LLC, SBI Holdings’ subsidiary in Russia. SBI Bank LLC will undergo a large-scale reorganization.

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Ocasio-Cortez and Maxine Waters to Oversee US Banking System via House

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The youngest woman ever to serve in U.S. Congress – starting at the age of 29 – already has an opponent in her sights. Freshman U.S. Representative Alexandria Ocasio-Cortez, often dubbed AOC on Twitter, was appointed to the House Financial Services Committee, where the democratic socialist will oversee Wall Street. This committee oversees the banks and financial institutions of the United States. With Republicans controlling the U.S. Senate and the White House, and the Democrats controlling the House, one can expect less game-changing bills being turned into laws in the banking sector.

While bartending and waiting tables at the Flats Fix taco bar in Union Square, Ocasio-Cortez upset the more centrist Representative Joe Crowley, Chairman of the House Democratic caucus. Encouraged by her success, other far left democrats are planning to challenge moderate democrats in the 2020 primaries. Ocasio-Cortez is also expected to further strengthen the influence of Chairwoman Maxine Waters of the House Financial Services Committee. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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