State Street’s Andrew Allright has been promoted to chief executive officer of InfraHedge, the custody bank and asset manager’s $30 billion hedge fund arm.
Allright replaces Bruce Keith, a co-founder of the division who departed in January to focus on his fintech startup. Keith had been with the firm for nearly eight years. Allright has been with the hedge subsidiary since day one, when it was a start-up, according to his LinkedIn. He will now be responsible for the product development, operating model, and reporting design and execution of the London-based organizations solutions for its clients.
He is also the trustee and director of the MondoChallenge Foundation, which provides education and social development to rural areas in Nepal, Tanzani, and northeast India.
George Sullivan, global head of State Street’s alternative investment solutions business embraced the change, and noted that the popularity of managed accounts is growing among institutional investors. “I look forward to Andrew and his team driving it through the next stage of its development by taking advantage of the attractive market environment,” he said.