The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

State Street Global Advisors Appoints Head of UK Defined Contribution

<p> Expands DC Presence in UK as DC Assets Surpass DB Assets Globally </p>

Thursday, November 08, 2012

State Street Global Advisors Appoints Head of UK Defined Contribution08:00 EST Thursday, November 08, 2012 LONDON & BOSTON (Business Wire) -- State Street Global Advisors (SSgA), the asset management business of State Street Corporation (NYSE: STT), today announced the appointment of Nigel Aston to managing director and head of UK defined contribution (DC). In this newly created position based in London, Mr. Aston will report to Susan Raynes, senior managing director and head of UK, Middle East and Africa and Fredrik Axsater, managing director and global head of defined contribution. Commenting on the appointment, Raynes said: “SSgA's commitment to bringing new thinking and comprehensive solutions to the growing needs of DC schemes is precisely why we are delighted to welcome Nigel to the team. Nigel has honed his DC and corporate pension expertise for more than 20 years and is a well recognised leader in the industry. Nigel's strong client service background combined with his experience in leading sales teams and driving product development aligns well with SSgA's dedication to building strategic relationships with DC schemes to help them deliver effective, comprehensive solutions for future retirees.” Axsater added: “Nigel's appointment is a significant milestone for SSgA as we broaden our DC offering in the UK market. The transformative trend within the global retirement landscape as DC assets outpace DB assets1 signals a vital need to understand how self-funded pension schemes can meet the needs of future retirees. Nigel shares SSgA's commitment to bringing innovative solutions to DC schemes—from investment solutions to plan design and member communications.” Prior to joining SSgA, Mr Aston was a business development director with data company DCisions, responsible for sales and marketing, long-term commercial relationships, and product and service delivery. He was the key company liaison with industry, government and regulatory bodies. His experience also included head of strategy and propositions at Standard Life where he was responsible for defining and executing the firm's DC pensions strategy and a number of roles at AXA including investment strategy director and key account director within its corporate benefit solutions division. He began his career at Sun Life as senior sales consultant. Nigel holds a bachelor's degree in English literature from the University College of Wales, Aberystwyth. SSgA manages DC assets of more than US$235 billion globally. About State Street Global Advisors State Street Global Advisors (SSgA) is a global leader in asset management. The firm is relied on by sophisticated investors worldwide for its disciplined investment process, powerful global investment platform and access to every major asset class, capitalization range and style. SSgA is the asset management business of State Street Corporation, one of the world's leading providers of financial services to institutional investors. 1 Source: McKinsey Retirement Practice, estimated figures. INFORMATION State Street Global Advisors Limited. Authorised and regulated by the Financial Services Authority. Registered in England. Registered No. 2509928. VAT No. 5776591 81. Registered office: 20 Churchill Place, Canary Wharf, London, E14 5HJ - Telephone: 020 3395 6000 - Facsimile: 020 3395 6350 - Web: www.ssga.co.uk This communication is directed at professional clients (this includes eligible counterparties as defined by the Financial Services Authority) who are deemed both knowledgeable and experienced in matters relating to investments. The products and services to which this communication relates are only available to such persons and persons of any other description (including retail clients) should not rely on this communication. Investing in the Managed Pension Fund is effected by means of an insurance policy written by Managed Pension Funds Limited, a member of the State Street group of companies. This document should not be construed as an invitation or inducement to engage in investment activity. The Managed Pension Fund is available to pension schemes (including overseas schemes) registered with HM Revenue and Customs for the purposes of Chapter 2 of Part IV of the Finance Act 2004. This document should therefore only be circulated to the Trustees of such schemes and their advisers who are deemed to be professional persons (this includes professional clients and eligible counterparties as defined by the Financial Services Authority). It should not be circulated to or relied upon by any other persons. In particular scheme members should consult with their employer or scheme trustee. Please note that neither State Street Global Advisors Limited or Managed Pension Funds Limited offer actuarial services and any investment service undertaken by those firms with an objective of matching projected pension fund liabilities does not include, or take responsibility for, the calculation of projected liabilities. Any illustrations exclude the impact of fees, and actual investment returns may differ from projected cashflows, these projected cashflows are not projections of any future benefit payable under a specific policy. Investing involves risk including the risk of loss of principal. Although bonds generally present less short-term risk and volatility risk than stocks, bonds contain interest rate risks; the risk of issuer default; issuer credit risk; liquidity risk; and inflation risk. This effect is usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss. © 2012 State Street Corporation - All Rights Reserved CORP-0603 Expires 02/11/13 State Street CorporationNoreen Shah, +44 (0)20 3395 7073www.statestreet.com