State Street Global Advisors has named an outsider, Scott Powers, as its new president and chief executive officer.

He joins the firm from Old Mutual US, the U.S. operating unit of London-based Old Mutual plc, where he has served as CEO and one of six senior executives overseeing its worldwide operations.

“We were fortunate to have had an extremely talented pool of internal and external candidates to evaluate during the extensive global search process, and Scott has many of the attributes that are important to us for the future leadership of SSgA,” says State Street’s chairman and chief executive, Ronald Logue.

Powers will succeed James Phalen, who has served as interim president since January, following William Hunt’s resignation. Phalen will return to his position as head of international operations for State Street’s investment servicing and investment research and trading businesses.

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“I want to thank Jim Phalen for his outstanding work as SSgA’s interim president and CEO,” adds Logue. “Jim is a valued colleague who guided SSgA with a steady hand and excellent judgment as we completed our search for a permanent CEO.”

During Powers’s seven-year tenure at Old Mutual, assets under management grew to US$330 billlion from $130 billion. Prior to joining Old Mutual, the 48-year-old held senior management positions at Mellon Institutional Asset Management and The Boston Company Asset Management. Powers began his career as a financial services advisor at Dean Witter Reynolds (now Morgan Stanley).

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