State Street Corporation (NYSE:STT) announced today that it has appointed Yie-Hsin Hung as president and CEO of State Street Global Advisors, its asset management business.

Hung succeeds Cyrus Taraporevala, whose planned retirement was announced earlier this year. She will join Global Advisors in December 2022, reporting to State Street Chairman and Chief Executive Officer Ron O’Hanley and will join State Street’s Executive Committee.

Ms Hung joins Global Advisors from New York Life Investment Management (NYLIM), where she served as chief executive officer since 2015. While at NYLIM, Yie-Hsin led a multi-boutique, global investment management business that provides a broad range of fixed income, alternatives, equity and ESG capabilities. During her tenure at the firm, Hung led NYLIM to achieve a nearly four-fold increase in assets under management.

Prior to assuming the role of CEO of NYLIM, Hung held numerous senior executive roles including co-president and chairman of NYLIM International. Before joining NYLIM, she held leadership positions at Bridgewater Associates and Morgan Stanley.

“I am excited to join State Street Global Advisors, an organization and leadership team that I have had the opportunity to work with at various points over my career,” said Hung. “It is a pivotal time in the asset management industry, and I look forward to building on the strong foundation at Global Advisors to continue to drive growth and help prepare our clients for the future.”

Hung earned her MBA from Harvard University and B.S. in Mechanical Engineering from Northwestern University, from which she received a Distinguished Alumni Medal in 2019, the highest honor granted by the Northwestern Alumni Association.

On Hung’s arrival, Taraporevala will assume the role of advisor and stay through early 2023 to provide a smooth transition of responsibilities.