State Street rebrands US$4.6tn SSGA investment division

State Street has rebranded its State Street Global Advisors arm, which has US$4.6 trillion in assets under management, following a series of deals with financial services firms in recent months.

In a note to clients, SSGA chief executive and president Yie-Hsin Hung said the change had been made to better reflect the offerings from the firm to its investors which expanded in the past year.

The division will now be known as State Street Investment Management (SSIM).

“I’m excited to share that State Street’s global asset management business has been rebranded from ‘State Street Global Advisors’ to ‘State Street Investment Management’ to better reflect the breadth of solutions and services we offer to investors,” she said.

“Along with our new brand, we have refreshed our logo and brand identity to align closer to our parent, State Street, to create a stronger, more unified presence in the marketplace.

“While our brand may be evolving, our mission to create better outcomes for our clients and the world’s investors won’t change and how we partner with you every day won’t either. Importantly, this rebrand does not involve any changes to the names, control or ownership of our legal entities and therefore does not require any action on your part.”

In April, it took an equity investment in US asset management platform Ethic, which helps financial advisers personalise investment strategies based on client values and preferences. This included the creation and management of customised separately managed accounts and model portfolios, a scalable platform for customised portfolios based on goals and values and features, such as proposal generation, portfolio transition plans and reporting.

The deal followed a 5 per cent strategic stake in Australian fintech Raiz Invest last year, which assists Australian retail investors with micro-investments primarily in exchange-traded funds and model portfolios.

SSGA’s head of intermediary for Asia-Pacific, Meaghan Victor, said: “This investment is a natural extension of the successful relationship we have enjoyed with Raiz since launch in 2016. Both of us share a passion for making financial tools and solutions accessible to all investors, and through this strategic arrangement we will leverage our respective capabilities to help Australian investors plan and save for retirement.”

It also announced last year it was joining forces with leading alternatives provider Apollo Global Management to expand investor access to private market opportunities.