In his twelfth year with the firm, State Street has appointed Mark Lazberger to the role of CEO of Japan. He takes over from Milton Isa who has resigned but will continue to act as a senior advisor to the funds management and investor services group.

Lazberger has been promoted from his job as regional managing director for State Street Global Advisors, the company's investment management arm which he has been working for since 1993. In this previous role, Lazberger was responsible for SSgA's operations in Australia and Japan, based in Tokyo. And State Street is saying he will continue to have supervision over this role but has given no indication whether this is a permanent arrangement or a temporary one before a replacement is found.

State Street established its Japan operations in 1990 and now employs about 350 people serving clients in investment management, global custody, Japanese trust services and investment operations outsourcing, securities lending, treasury services, transitional management, global trading and research.

Lazberger will be charged with continuing to customize and localize the company's products and services to meet the needs of Japanese clients. "State Street has worked hard to establish itself in Japan and I look forward to working together with my colleagues to serve our clients with excellence as we help them to succeed in their business objectives," said Lazberger, following the announcement of his promotion.