Cyrus Taraporevala, president and CEO of State Street Global Advisors, will retire in 2022. State Street Corp. announced the news as part of earnings on Tuesday.
Taraporevala joined the $4.1 trillion asset manager in 2016. His past roles included overseeing global institutional clients and leading the product and marketing teams, among other responsibilities. He was appointed president and chief executive officer in late 2017.
During Taraporevala’s tenure, State Street’s investment management pre-tax earnings grew by 67 percent and pre-tax margins expanded by 11 percentage points — from 21 percent in 2017 to 32 percent in 2021. Assets under management at SSGA have grown almost 50 percent since Taraporevala took the CEO role.
“Having Cyrus continue to lead State Street Global Advisors and transition responsibilities to a successor will help ensure we build on its strong momentum,” Ron O’Hanley, chairman and CEO of State Street, said in a statement.
SSGA reportedly had been up for sale since the end of 2020, talking to Invesco and UBS about possible mergers. During its third quarter earnings call, the company said it didn’t have plans to sell the asset management business.