State Street Taps Former Fidelity Executive to Lead Asset Management Business

By Chelsey Dulaney 

State Street Corp. on Tuesday tapped former Fidelity Investments executive Ron O'Hanley to lead its asset management business, starting next month.

Mr. O'Hanley, 58 years old, will succeed current State Street Global Advisors Chief Executive Scott Powers, who is retiring later this year after more than seven years leading the firm.

Mr. Powers, 56 years old, will help with the transition over the next several months.

Mr. O'Hanley, a 30-year industry veteran, was chief of Fidelity's asset management business until February of last year.

His exit came nearly a year and a half after Fidelity promoted Abigail Johnson to president, establishing her as the successor to her father, Fidelity Chairman Edward C. "Ned" Johnson III. Some analysts had speculated that both were candidates to succeed Mr. Johnson.

Prior to Fidelity, Mr. O'Hanley held leadership roles at Mellon Bank and Bank of New York Mellon.

Write to Chelsey Dulaney at [e-mail]

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