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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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Andrew Claerhout Leaves OTPP

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Andrew J. Claerhout exited the Ontario Teachers’ Pension Plan (OTPP). He was Senior Managing Director of Infrastructure and Natural Resources. His responsibilities included overseeing a swath of infrastructure acquisitions and asset management globally, along with investments in oil and gas, agriculture (avocados for example), timberlands and other resource sectors. Clearehout joined OTPP back in 2005.

Taking his spot in the interim is Dale Burgess, Managing Director, Latin America, at OTPP.

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PwC Sells US Public Sector Practice to Veritas Capital

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PricewaterhouseCoopers (PwC) inked a deal to sell its U.S. public sector business unit to Veritas Capital Fund Management, L.L.C., a private equity firm. Post-deal, the business unit will be renamed and run as a separate company. PwC’s public sector business services U.S. federal government clients such as the Department of Defense, Homeland Security, Veterans Affairs, Health and Human Services and the State Department. The business unit also services local and state U.S. governments.

For the moment, Veritas Capital seeks to keep the current management in place.

Advisors

PwC was advised by Morgan Stanley. Davis Polk & Wardwell advised PwC. Veritas Capital was advised by law firm Schulte Roth & Zabel LLP.

Veritas Capital’s Activities

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HNA Sells 1.2% Stake in Hedged Investment in Deutsche Bank

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Chinese conglomerate HNA Group Co. sold off roughly a 1.2% stake in Deutsche Bank AG for around €300 million (US$ 374 million), reducing ownership down to 8.8%. HNA Group held the bank shareholding through Vienna-based asset manager C-Quadrat Investments AG, in which, HNA is a majority owner in. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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