State Street extends transition management

State Street has expanded its regional transition management team, recruiting Michael Putica in its Sydney offices. He takes on the role of business development manager in its transition management team with responsibility for business development and relationship management in Australia.

In the newly created role, Putica reports to Justin Balogh, the Tokyo-based senior managing director and head of State StreetÆs transition management business in Asia Pacific.

Transition management is a product set that assists clients with portfolio risk management and advisory solutions, which also includes, efficiently transitioning securities between portfolios when funds change investment managers, manage fund-level cash flows or rebalance asset allocations. Typically, banks like State Street with transition management capabilities target pension investors and in markets like Australia, service the countryÆs massive superannuation asset pool.

In the past three years, State Street has managed over $1 trillion of transition mandates for its global client base and has plans to continue its expansion into the Asia-Pacific region with increased headcount.

ôWe continue to expand the Asia-Pacific team and look for growth opportunities both in business activity and staffing,ö says Balogh. ôThis addition to our Sydney team reflects State Street's commitment to servicing the Australian marketplace through the sales and delivery of market-leading transition management, research and advisory solutions."

Putica crosses to State Street from BNP Asset Management in Australia and brings over eight years of Australian funds industry experience. For this firm he was most recently a business development manager targeting the superannuation segment.