State Street appoints Seck Wai Kwong to its global management committee

State Street Corporation has appointed Seck Wai Kwong, head of its global services and global markets businesses in Asia Pacific to its management committee, the company's senior-most strategy and policy making group.

It's believed that Hong Kong-based Mr Seck, 59, is the only Singaporean now to sit at the senior management level of a G-20 bank.

Also promoted to the management committee is Gunjan Kedia, who heads the company's investment servicing capabilities in the Americas for mutual fund, insurance and institutional clients, State Street said on Thursday.

Jay Hooley, chairman and chief executive of State Street said: "These promotions to our senior-most leadership team reflect the considerable contributions Wai Kwong and Gunjan have made to the success of our business."

He added: "With their diverse backgrounds and global expertise, they provide an excellent complement and range of skills to our management team."

Mr Seck said the opportunity to join the management committee was both a great personal and professional honour. He said: "I want to thank Jay and the management committee for entrusting me with this position and I greatly look forward to working with my peers to drive the strategic direction of State Street forward."

Mr Seck has headed State Street's global markets and global services businesses in Asia Pacific since 2011, joining from the Singapore Exchange where he was chief financial officer for eight years.

Previously he held senior positions in the Monetary Authority of Singapore, the Government of Singapore Investment Corporation, Lehman Brothers and DBS Bank.

State Street is one of the world's biggest fund managers. It provides financial services to institutional investors including investment servicing, investment management and investment research and trading. With US$28.47 trillion in assets under custody and administration and US$2.42 trillion in assets under management as at Sept 30, 2014, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia.