State Street has announced a dual leadership structure for its European global services business, sparked by the restructuring of its senior management last year.
The business will be co-led by Jörg Ambrosius, who previously served as head of sector solutions for EMEA, and Mike Fontaine, a former executive vice president for US investor services.
Ambrosius will remain based in Munich, while Fontaine will relocate from Boston to Dublin.
The new appointments follow the promotion of Liz Nolan to chief executive officer for State Street’s EMEA business in November. She succeeded Jeff Conway, who took up a new role leading State Street’s operations, infrastructure and business transformation globally.
Both Ambroius and Fontaine will report to Nolan, as well as to Andrew Erickson, head of the global services business worldwide.
“Jörg and Mike have held various senior client-focused, risk management and operational positions in financial services for more than four decades combined,” said Erickson.
“Both have proven track records for managing delivery to some of our largest and most complex global clients, and we’re confident they will continue to add tremendous value to our business.”
Ambrosius will also assume responsibility for State Street’s global exchange, investment manager services and alternative investment solutions businesses in the region, while Fontaine will oversee service delivery for its International Financial Data Services unit.
The Boston-based custodian powerhouse has recently upped its efforts in front office services through major acquisitions of two trading technology vendors.
State Street confirmed plans to buy order and execution management systems specialist Charles River Development for $2.6 billion in July. The following month, the bank announced it will also acquire foreign exchange transaction costs analysis provider BestX from Thomson Reuters.