State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), announced today that Jim Ross, chairman, Global SPDR, will be retiring from the firm at the end of March 2020 after a distinguished 27-year career.
Ross, who joined State Street in 1992, was instrumental in creating, developing and bringing to market many of the world’s first ETFs, earning him the moniker of the “godfather of ETFs.” The product grew from inception in 1993 when SPY was launched on the American Stock Exchange; to an industry that today stands at almost $6 trillion worldwide and is still one of the fastest -growing investment products in the market.
“Without question Jim has been one of the most influential figures in the investment management industry,” said Ron O’Hanley, CEO and president, State Street. “I have known Jim for many years and I am constantly struck by his dedication to clients, his focus on building and developing teams and his passion for creating solutions for investors of all types. His role in creating many of the world’s first ETFs ensures he will go down in history as an instrumental player in perhaps the most important product innovation the industry has seen. The ETF today provides a vital diversified investment product for investors across the spectrum and for that we, and the industry, owe Jim a great deal.”
Cyrus Taraporevala, CEO and president, State Street Global Advisors, added, “Jim’s contribution to the history of financial services is irrefutable. He is a titan who has played a key role enabling institutional and individual investors to invest in new and unique manners, with greater precision of exposures and liquidity. We are extremely proud of his accomplishments in helping to create many of the world’s first ETFs and his impact at State Street will be felt long after he has bid farewell. We wish him the very best in his retirement; he has earned it.”
“I am deeply grateful for the opportunities I have had during my career at State Street,” said Ross. “Every success I was part of came down to working alongside amazing teams and great leaders who embraced innovation and collaboration and were dedicated to serving clients. I am looking forward to my next chapter which will undoubtedly include remaining engaged in the ETF industry, but also devoting more time to my non-profit work. I leave behind the best teams and clients in the business and an organization that will continue to innovate with purpose and deliver with excellence on behalf of those great clients, stakeholders and investors around the world.”