State Street Corp. has appointed Jesse Cole as global head of the private markets segment.
Cole will be responsible for executing the global strategy for private markets, working closely with sales and product organization to expand the business, the institutional financial services player said in a press release Wednesday.
He will be based out of Chicago, Illinois, and will report to Paul Fleming, the global head of the global alternatives segment at State Street, the release said.
Goldman Sachs Veteran
Cole has more than 30 years of experience in private markets, including running global client service businesses, and has expertise in building teams, and executing strategic transformation initiatives to support client initiatives, State Street said. Previously, Cole was the managing director of global shareholder and fund services at Goldman Sachs, and has held operational roles at Invesco and Northern Trust, the release said.
Fleming said Cole was joining at an «optimal time» to provide leadership for the private markets team.
«Investment in private markets is growing significantly across all our segments as investors continue to reach for yield in a low-rate, low-growth environment, and our clients continue to ask for more private market products,» Fleming said in the statement. «With Jesse’s appointment, we are confident we have the right team in place to ensure we are meeting the multifaceted needs of our clients and be able to provide them with more solutions.»
Mercatus Acquisition
Last year, State Street entered a deal to buy Mercatus, a front-and-middle office services and data-management provider for private market managers. In line with the acquisition, State Street launched an Alpha for Private Markets service for institutional investors to digitally manage their infrastructure, private equity, real estate, private debt and fund-of-fund investments on one platform, the release said.
State Street said it has $43.7 trillion in assets under custody and/or administration, and around $4.1 trillion in assets under management, including around $61 billion for SPDR products, as of end-December.
