State Street Global Advisors (SSgA) has named James MacNevin as the new head of its intermediary business group for the Asia Pacific region.

Based in Sydney, MacNevin in his new role will manage client facing staff and work closely with product development, distribution, marketing, research and the capital markets teams to deliver tailored investment products and support.

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Additionally, he will continue in his role as COO, Asia Pacific and report to head of Asia Pacific Lochiel Crafter and global head of SPDR ETFs and Intermediary distribution Jim Ross.

Crafter was quoted by financialstandard.com.au as saying that "The growth of Asia Pacific’s high net worth individuals has outpaced the US and Europe by double over the past few years."

"This strong growth has positioned the region to become the world’s largest wealth market in the coming years," Crafter told the publication.

"While the Asia Pacific intermediary channel is far from homogeneous, the conversation has shifted from one that starts with products alone to one that focuses on a better understanding of objectives and finding the best ways to meet those goals," he expalined.

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With over 20 years of expertise in the asset management industry, MacNevin has manages a array of initiatives for State Street such as the development and launch of Australia’s first ETF – the SPDR S&P/ASX 200 Fund in 2001 and opening the firm’s offices in India in 2007.

Teaming up with financial intermediaries to offer various types of institutional investment capabilities, SSgA’s intermediary business group delivers separate accounts, mutual funds and exchange traded funds (ETFs).