Former J.P. Morgan transition management chief John Minderides has been hired to head State Street’s transition efforts in the United Kingdom. Rick Boomgaardt, head of EMEA transition management, has left the firm.
Minderides, formerly global head of transitions at the world’s third largest custodian, left J.P. Morgan in June 2010 after six years. He had indicated at the time that he was unlikely to re-enter the transition management space, but has now resurfaced at State Street, which has seen recent turnover within its transition unit following a problematic transition event in 2011.
State Street has confirmed Minderides appointment, but declined to comment on the status of Boomgaardt.
State Street’s transition executive team has seen significant turnover as of late. Last year, UK-based Edward Pennings and Boston-based Ross McLellan left the firm following revelations that a UK-based pension fund had been overcharged on a fixed-income transition. Although money was reportedly returned to the client, Pennings and McLellan were dismissed in September and October, respectively. At the time, the firm commented: "State Street has conducted a review of a transition conducted earlier this year for a UK client. We have concluded that this client should be reimbursed and we have done so. Our review also concluded that in completing this transition, certain employees did not meet the standards we expect of them. We have zero tolerance for this behaviour."
Reporting by Kristopher McDaniel, aiCIO, an Asset International publication