State Street has reported that its global equities chief, Alistair Lowe, will leave the lender by the end of 2013 as part of a shake-up in the asset management division.
Steve Meier will become chief investment officer of fixed income, currency and cash, replacing Lowe.
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The changes come in response to new investor needs following the 2008 financial crisis and "unprecedented monetary intervention" that has lowered interest rates and investment returns, State Street reported.
State Street Global Advisors chief investment officer, Rick Lacaille, said: "We believe that the boundaries between fixed income disciplines are blurring and that a broad view is beneficial.
"For instance, it is clear that cash management is moving away from a traditional money market framework and that optimal portfolio management now incorporates skills typically associated with managing longer dated fixed income securities."
At the end of March 2013, State Street had US$2.18 trillion in assets under management with majority of money is in passive investments, such as exchange-traded funds.
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