Citigroup Asia CEO Leads State Street International Arm

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FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada, Oct. 19, 2017. (Photo: REUTERS/Chris Helgren/File Photo)

State Street hired the services of Francisco Aristeguieta, chief executive of Citigroup, to work as the chief executive officer of its international business. The chief executive will work with the employees of the group in its Hong Kong office in July as he accepts the new responsibilities for all of State Street's business activities outside of the United States.

Mr. Aristeguieta work includes driving strategy, stewarding client engagement, developing talent, pursuing growth opportunities, increasing market share and deepening the relationship of the company with local officials and regulators.

Ariteguieta's leadership means that he is responsible for the group's presence in Europe, the Asia Pacific region, and the Middle East as the company expand more than 40 percent of its revenues across 28 nations outside of the United States.

After he accepted the job, he is expected to resign from his work in Citigroup after 24 hours. Mr. Ariteguieta served most of his time as the CEO of the Asia business of Citigroup where he oversees 60,000 people and a third of the earnings of the company. Before his appointed in the Asian branch, hehe has served as the head of the business of Citigroup in Latin America where he led the company's transaction services group in Latin America.

On his job as the CEO of State Street, he needs to report to the company's president and CEO Ron O'Hanley. He will also participate as a member of State Street's management committee.

According to CEO O'Hanley, Francisco's deep experience and proven leadership qualities will advance our strategy and growth objectives on behalf of our clients and shareholders, and augment our already strong local management teams outside of the US.

Recently, the State Street Global Advisors announced that they are targeting major global equity opportunities when they launched a broad ETF which is aimed at unlocking returns from across $40 trillion-worth of investable assets.

The SPDR MSCI World Ucits ETF of State Street is available on the Xeta Exchange and its launch on the London Stock Exchange, Borsa Italiana, and Euronext are on March 4. They are also planning to launch it in the SIX Swiss Exchange.

The ETF gives investors access to a broad basket of not less than 1,600 stocks across 23 advanced economies which represents more or less 85 percent of the float-adjusted market capitalization of developed equity markets.

The State Street Global Advisors said that the ETF provides efficient market beta for investors who are looking for long-term holdings and those who want to minimize cash friction in their portfolios.

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