State Street Global Advisors Appoints Senior High Yield Bond Manager.Move Increases Depth and Breadth of Global Active Fixed Income Team BOSTON -- State Street Global Advisors (SSgA), the investment management arm of State Street Corporation (NYSE NYSE See: New York Stock Exchange : STT STT State Street Corporation (stock symbol) STT Suomen Tietotoimisto (Finnish National News Agency) STT Secure Transaction Technology STT Surface Tension Transfer (welding) ), announced today the appointment of Scott B. Richards as senior high-yield portfolio manager in its Global Fixed Income group. Richards was previously co-head of high yield at MFS Investment Management MFS Investment Management, formerly Massachusetts Financial Services, is a Boston, Massachusetts-based financial services firm. In its publicity, MFS claims to have invented the mutual fund. The current chair of the company is Robert Pozen. . He reports to Michael O'Hara, managing director, active fixed income at State Street Global Advisors. Richards is responsible for overseeing the management of SSgA's high-yield assets and advancing the firm's global active credit capabilities. He will also work to broaden SSgA's asset class coverage by building a leveraged loan capability, developing new products and overseeing the investment of assets in this area, including CLO's. "Scott's deep, high-yield bond High-yield bond See: Junk bond high-yield bond See junk bond. investment experience and his extensive credit analysis expertise make him ideal to help expand upon SSgA's alpha-generation toolkit," said Paul Greff, director of Global Fixed Income for State Street Global Advisors. More than a decade ago, SSgA established commingled bond fund structures which separate bond funds by sector and maturity. This structure enabled SSgA to provide its institutional clients with customizable fixed income solutions, often including the use of both passive and active bond strategies for a single client. More recently, SSgA has extended this approach to achieve full separation of alpha and beta in the firm's fixed income offerings. "We believe the ability to manage alpha and beta separately is the wave of the future in fixed income, an enhancement that benefits all types of clients," added Greff. "With leaders like Scott on our team, SSgA can fully realize the potential inherent in its unique approach and further advance its global fixed income capabilities." SSgA continues to be a leader and innovator in institutional investment management. Already a global leader in passive fixed income, the firm has developed a suite of active and absolute return strategies across various fixed income asset classes, as well as portable alpha Portable Alpha The strategy of portfolio managers separating alpha from beta by investing in securities that differ from the market index from which their beta is derived. Alpha is the return achieved over and above the return that results from the correlation between the portfolio strategies that permit the "porting" of alpha from one strategy to another using index swaps and futures. In recent years, SSgA also moved into the management of structured fixed income products such as Collateralized Debt Obligations Collateralized Debt Obligation (CDO) A general inclusive term which covers Collateralized Bond Obligations, Collateralized Loan Obligations, and Collateralized Mortgage Obligations, (CDOs), which are backed by pools of bonds, loans or other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. . Richards commented, "As I learned more about SSgA's global footprint in investment, cutting edge implementation strategies, and global distribution capabilities, I was convinced that SSgA provides the perfect platform for building next-generation capabilities in High Yield and Leveraged Loans as growing global asset classes." SSgA currently manages more than $680 billion in global fixed income assets. Its fixed income group comprises about 120 investment professionals around the world, including more than 40 in the U.S. Richards has more than 26 years of investment experience, including 20 years managing high-yield bond portfolios. Prior to MFS MFS Medicare fee schedule , he was head of the high yield group at Liberty Funds Group. Previously, he was a high-yield portfolio manager at State Street Research & Management (now BlackRock) and, before that, at Wellington Management Company Wellington Management Company is a Boston, Massachusetts based investment management firm. Founding and Early Years Wellington Management Company was incorporated in Philadelphia, Pennsylvania in 1933, five years after the creation of the Wellington Fund by Walter L. , where he also led the firm's high-yield research group. Richards began his career at State Street Corporation as an account controller in the investment management group. He holds a B.Sc. in applied economics from Cornell University Cornell University, mainly at Ithaca, N.Y.; with land-grant, state, and private support; coeducational; chartered 1865, opened 1868. It was named for Ezra Cornell, who donated $500,000 and a tract of land. With the help of state senator Andrew D. and an M.B.A. from the Amos Tuck School at Dartmouth College. Richards is a member of the Boston Security Analyst Society. About State Street Global Advisors State Street Global Advisors, the investment management arm of State Street Corporation, delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $1.6 trillion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. as of September 30, 2006, State Street Global Advisors has investment centers in Boston, Hong Kong, London, Milan, Montreal, Munich, Paris, Singapore, Sydney, Tokyo and Zurich, and offices in 25 cities worldwide. For more information, visit State Street Global Advisors at www.ssga.com |
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