Prendergast to replace Wood as State Street boss
The head of financial services giant State Street's Irish operation has stood down, the Sunday Independent has learned.
Peter Wood is retiring from his position as senior managing director of State Street Global Advisors (SSGA) Ireland after over 30 years with the business.
Wood is to be replaced by Ann Prendergast as head of the business in Ireland, State Street confirmed.
Prendergast is currently head of the Irish relationship management team and joined SSGA in 2000.
She will take over next month following the retirement of Wood, who was appointed head of SSGA Ireland in 2011.
His appointment followed the sale that year, as the banking crisis raged in Ireland, of Bank of Ireland Asset Management (BIAM), where he had served as chief operating officer, by Bank of Ireland to State Street for €57m.
State Street, which is headquartered in Boston, Massachusetts, employs more than 2,500 staff in Ireland and has its Irish headquarters on Dublin's Sir John Rogerson's Quay. From there the financial giant runs a major Europe, Middle East and African operation, which is headed up by Susan Dargan, a job previously held by Willie Slattery. It also has regional offices in Naas, Drogheda and Kilkenny.
"I'd like to wish Peter health and success in what I know will be a busy retirement of new opportunities and projects," said Prendergast. "With its acquisition of BIAM in 2011, State Street Global Advisors recently marked 50 years in Ireland and I look forward to building on the strong foundations that Peter was instrumental in laying.
"As we look ahead, we find that clients are increasingly looking for more sustainable ways to meet investment goals, and create long-term value. There's a real appreciation that good governance translates into better managed companies, and better investments.
"Environmental, social and governance (ESG) criteria are central to what we do, and our clients have access to a powerful asset stewardship platform and portfolio solutions that align with their values and beliefs.
"The recent installation of SSGA's 'Fearless Girl' on Wall St was a visible manifestation of our commitment to the power of good governance. It's an exciting time for our business."
A University of Limerick graduate, Prendergast is a member of the ACCA and a Director of the Irish Association of Pension Funds. Before joining SSGA Ireland, Prendergast worked with Bank of Ireland in their fund administration and private banking divisions.
Globally the bank has more than $2trn of investment assets under management and a further $28trn of assets under custody and administration.
Sunday Indo Business