State Street appoints new Charles River CEO in leadership overhaul

Boston-based State Street has appointed a new CEO of Charles River Development and expanded the role of its head of front-to-back platform strategy.

State Street has named a new CEO of Charles River as part of a series of leadership changes for its front-to-back platform, Alpha, aimed at boosting its software and outsourcing capabilities.

Spiros Giannaros has been named CEO of Charles River Development, the Boston-based bank’s front-office software provider.

Giannaros previously ran State Street’s platform strategy, where he was responsible for coordinating the bank’s product offering, its front-to-back platform development and the data that manages it.

State Street has also expanded the role of Dick Taggart, executive vice president of front-to-back platform services, to manage State Street AlphaSM Services, combining its data management and middle-office outsourcing services. 

Taggart previously held several senior roles at State Street, including head of the investment management solution (IMS) business, and global head of operations for its asset management arm, State Street Global Advisors (SSGA).  

“State Street Alpha has quickly become a leading platform for institutional and wealth managers globally and we are committed to attracting the top talent in the industry. We couldn’t be more pleased than to have Spiros and Dick, working together and across State Street, driving our platform,” said John Plansky, global head of State Street AlphaSM. 

“As Alpha becomes increasingly foundational to our clients’ decision-making and growth objectives, we are continually looking for ways to enhance our offerings to help them work faster, smarter and more efficiently.”

Plansky, formerly CEO of Charles River, will also oversee an expanded organisation, with an increased focus on State Street Alpha platform management across all institutional and wealth manager participants, State Street Alpha Analytics, client digital experience and data delivery.

Launched off the back of State Street’s $2.6 billion acquisition of Charles River in 2018, Alpha services combines the front-office capabilities of CRD with its global custody and middle-office platform. 

Speaking on its first quarter earnings call in April, chief financial officer Eric Aboaf said State Street had revised its revenue growth expectations for Charles River from low-double-digits to mid-single digitals, due to delays to timings around onboarding processes.