BOSTON--(BUSINESS WIRE)--

State Street Corporation (NYSE: STT), today announced that it has hired industry veterans Hemant Bhide to serve as the head of the US Asset Owner business, and Bruce Shain to serve as a senior vice present and client service department manager.

“We are very pleased to welcome both Hemant and Bruce to our team,” said Stephen Nazzaro, executive vice president at State Street and head of Asset Owners for the Americas. “Their strategic and consultative experience across multiple markets including global investment management, pension funds, sovereign wealth funds and endowments & foundations will bring tremendous value to our clients.”

Bhide will be responsible for the US Asset Owners business and will report into Nazzaro. He joins from PricewaterhouseCoopers where he was most recently a partner in their Financial Services Advisory practice. Bhide’s broad range of experience spans the front, middle and back-office including helping firms strengthen their service models to help protect against operational, technology and regulatory risks.

Shain, who will report into Bhide, will assume oversight of the Corporate Pension, Non-Profit and Endowment & Foundation Asset Owner businesses. Previously, he spent nearly twenty years with Bank of New York Mellon, where he was most recently managing director and segment head of US Corporate, Government and Non-Profit businesses. Prior to that role he held relationship management and client service positions servicing institutional clients.

About State Street

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $29 trillion in assets under custody and administration and $2 trillion* in assets under management as of December 31, 2016, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s website at www.statestreet.com.

* Assets under management were $2.47 trillion as of December 31, 2016. AUM reflects approximately $30.62 billion (as of December 31, 2016) with respect to which State Street Global Markets, LLC (SSGM) serves as marketing agent; SSGM and State Street Global Advisors are affiliated.

State Street Corporation, One Lincoln Street, Boston, MA 02111-2900

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