State Street Global Advisors (SSgA) has appointed a new global head of official institutions group (OIG), as its founder announces retirement.
Louis de Montpellier will take over as the head of OIG from John Nugee, who will remain in an advisory capacity as strategic consultant for SSgA’s OIG business and will continue to provide research to the group.
“John founded our official institution group at SSgA and we are very grateful to him and his 13 years of dedication and commitment,” SSgA head of Europe, Middle East and Africa Michael Karpik said.
“He has helped establish SSgA as a leading asset manager for the official institutions sector, with more than $400 billion in official sector assets under management.
“John and Louis will work closely together over the next few months to transition responsibilities.”
Mr de Montpellier joins from the Bank for International Settlements in Switzerland where he has been the deputy head of the banking department since 2005.
He has more than 25 years’ experience in public debt management, public asset management and private sector finance and held a variety of positions at companies including Morgan Stanley, The Ministry of Finance in Belgium and Credit Suisse.
Mr de Montpellier will join SSgA at the end of September and Mr Nugee will retire the following month.