State Street Names Head of Investment Services

BOSTON--(BUSINESS WIRE)-- State Street Corporation (NYSE: STT) announced today that Joerg Ambrosius, executive vice president and chief commercial officer, has been appointed president of Investment Services, State Street's largest business.

Ambrosius brings more than 30 years of financial services experience, with a successful track record of leading client management, sales and revenue growth, focusing on the needs of asset managers and institutional investors. Ambrosius assumed an expanded role in October 2023 with overall leadership of Investment Services' client facing activities and full responsibility for its international organization to better enable a differentiated client experience for clients worldwide. The appointment of a leader solely focused on the investment services business will further strengthen execution, streamline decision making, and provide clients with more effective delivery of products, services, and solutions.

"Joerg is a proven leader whose deep strategic insights, breadth of experience, and client focus distinguish him and will best position State Street to support our clients today and into the future," said Ron O'Hanley, chairman and chief executive officer of State Street. "He has been instrumental in driving our Investment Services growth agenda and delivering deep client satisfaction and strong results."

Mostapha Tahiri will remain as State Street's chief operating officer. Appointed in October 2023, Tahiri has had immediate impact in positioning State Street's enterprise global operations and technology organizations to deliver greater value for its clients and its business, as well as driving ongoing service quality and productivity improvements through transformation initiatives across the firm.

Ambrosius and Tahiri will continue to report directly to O'Hanley.

O'Hanley continued, "I am confident in our Investment Services strategy to deliver distinctive value to our clients. Joerg's appointment, coupled with Mostapha's focus on operational excellence and productivity for the benefit of clients, demonstrates State Street's commitment to leadership and value creation in this market."

These changes will further position State Street's Investment Services business for long-term success as it delivers for our clients and investors, executes on its strategy, and accelerates revenue growth.

About State Street

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $44.3 trillion in assets under custody and/or administration and $4.4 trillion* in assets under management as of June 30, 2024, State Street operates globally in more than 100 geographic markets and employs approximately 53,000 worldwide. For more information, visit State Street's website at www.statestreet.com .

* Assets under management as of June 30, 2024 includes approximately $69 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding the management developments announced in this news release, the individual executives' execution in their roles, the effects on our business and operations and the benefits to our clients and investors, as well as regarding our business, strategy, growth and sales prospects, the financial and market outlook and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as "will," "outlook," "priority," "expect," "intend," "aim," "outcome," "future," "strategy," "pipeline," "trajectory," "target," "guidance," "objective," "plan," "forecast," "believe," "anticipate," "estimate," "seek," "may," "trend," and "goal," or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements.

Important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2023 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this news release should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this news release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

Source: State Street Corporation

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