State Street Corporation has appointed Francisco Aristeguieta as chief executive officer for its international business. Aristeguieta, who joins the company in July, will report to State Street president and CEO, Ron O’Hanley and become a member of the Company’s Management Committee, its senior-most strategy and policy making group.
Aristeguieta, age 53, joins State Street from Citigroup where he most recently served as CEO of its Asia business, overseeing 60,000 people and a third of the company’s earnings. Prior to that role he served as head of Citigroup’s business in Latin America and before that led its Transaction Services Group in Latin America encompassing securities servicing, trade and cash management, and was vice chairman for Banco de Chile. His many non-profit and industry group board appointments include The Asia Society, Junior Achievement Americas, and The American Chambers of Commerce of Latin America.
“We are delighted to welcome Francisco to State Street,” says Ron O’Hanley. “His deep experience and proven leadership qualities will advance our strategy and growth objectives on behalf of our clients and shareholders, and augment our already strong local management teams outside of the US. This leadership appointment also supports our goal to make State Street a more nimble and effective organisation for our clients.”
State Street has a strong presence in Europe, the Asia Pacific region and the Middle East serving asset managers, asset owners, official institutions, central banks, insurance companies and financial intermediaries. Today, the Company derives more than 40 percent of its revenues from outside the US, providing solutions for clients in 28 countries and more than 100 markets with about 25,000 employees. The drivers of client demand for global support include the rapid development of retirement schemes, the growth of collective investment vehicles, as well as favourable demographic trends.
Initially based in Hong Kong, Aristeguieta will be responsible for all of State Street’s business activities outside of the US including driving strategy, stewarding client engagement, developing talent, pursuing growth opportunities and increasing market share as well as deepening relationships with local government officials and regulators. He will work in partnership with State Street’s global business leaders to deliver solutions, expertise and insights to clients globally.
“I am excited to be joining State Street, a leader in its industry and a company that I admire,” says Francisco Aristeguieta. “I believe there are tremendous opportunities ahead given State Street’s scale and global footprint, and the innovation and talent it is bringing to the industry. I look forward to building on these advantages and further expanding the Company’s international reach, top-line growth and contribution to results.”
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