(October 11, 2012) – Ross McLellan, formerly of State Street Global Market’s transition management unit, has gone to the other side.
How? McLellan has founded a consultancy focused on aiding asset owners in evaluating transition costs and quality.
The company, Harbor Analytics, will be based in Hingham, Massachusetts, and plans to “assist asset owners across the globe in evaluating equity, fixed income and foreign exchange transaction costs,” and will aim to “add value to our clients by reducing costs, improving the on-going trading processes of their providers and providing clarity to investment staff and boards on the actual cost of execution,” according to a company website.
Boston-based McLellan—who had been EVP for State Street Global Markets and the global head of State Street’s Portfolio Solutions Group—was let go by the bank in October 2011, following revelations that multiple UK-based pension funds had been overcharged for transition management services.
Both McLellan and State Street declined to comment.