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Article: SSgA remakes bond business with new chief.(Money Management)(State Street Global Advisors)
- Article from:
- Pensions & Investments
- Article date:
- November 26, 2007
- Author:
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Douglas Appell
BOSTON - State Street Global Advisors announced new leadership to turn around its beleaguered active bond business, but consultants and lawyers say it's too soon to predict when the manager will be able to put problems sparked by recent steep investment losses behind it.
In particular, consultants say three pending lawsuits against the firm over losses on supposedly conservative bond strategies will serve as a distraction to management, risking negative publicity as clients continue to seek explanations for what went wrong during the summer.
As part of a broad restructuring announced Nov. 19, SSgA named Mark Marinella to ...