State Street appoints international chief executive

State Street has hired Citigroup's Asia chief executive as the new chief executive of its international business.

Francisco Aristeguieta will be responsible for the company's business outside of US including strategy, client engagement, talent, growth opportunities, relationships with local governments and regulators and increasing market share, the company said in a statement.

He will report directly to State Street chief executive and president Ron O'Hanley, as well as join the company's management committee and its senior-most strategy and policy group, the company said.

O'Hanley said he is delighted to welcome Aristeguieta to the firm.

"His 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," he said.

"This leadership appointment also supports our goal to make State Street a more nimble and effective organization for our clients."

State Street derives 40% of its revenues from outside of the US, servicing 28 countries and 100 markets through 25,000 employees.

"The drivers of client demand for global support include the rapid development of retirement schemes, the growth of collective investment vehicles, as well as favorable demographic trends," State Street said.

In his most recent role, Aristeguieta oversaw 60,000 people and more than a third of CitiGroup's earnings.

Prior to that he was the head of Citigroup's business in Latin America.

Aristeguieta commences in the new role in July and will initially be based in Hong Kong.

Read more: State Streetchief executiveCitigroupappointmentRon O'HanleyFrancisco Aristeguieta
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