State Street Taps Invesco’s Paglia to Lead ETFs
State Street Global Advisors named Anna Paglia as executive vice president after she spent more than a decade overseeing the exchange-traded fund and index business at rival Invesco Ltd., where she oversaw the launch of more than 100 ETFs.
Paglia will be tasked with “developing a longer-term growth strategy,” by expanding several key areas, including State Street's global ETFs and indexing business lines, the company said in a press release. She will report directly to CEO Yie-Hsin Hung.
“With Anna’s depth of industry and ETF experience, she will be well-positioned to contribute meaningfully to our firm’s future direction in the years ahead,” Hung said in the statement.
With $1.11 trillion in ETF assets under management, State Street dwarfs the ETF assets managed by Invesco, which stand at $425.4 billion, according to etf.com data. State Street has $3.59 trillion in its asset-management business overall.
State Street Hires Anna Paglia
Paglia rapidly accelerated Invesco’s ETF business during her tenure at the company. In the past four years, she oversaw the launch of 104 new ETF products globally. Paglia also has an extensive background in law. She served as head of legal before she led the company’s ETF business.
Invesco’s largest fund is the $217 billion Invesco QQQ Trust, while State Street operates the famed $424 billion SPDR S&P 500 ETF Trust (SPY).
“The firm's commitment to client-centricity, innovation and investing for the future align perfectly with my approach in developing a robust strategy and creating long-term value,” Paglia said in a statement.
Brian Hartigan will serve as Invesco’s interim global head of ETFs as the firm continues “to drive the ETF business forward,” Invesco said in a statement about the departure.
Paglia also played an instrumental role in Invesco’s partnership with cryptocurrency-focused investment company Galaxy Digital as the two firms worked together to file for a spot bitcoin ETF, which investors are hoping the Securities and Exchange Commission will approve in early 2024.
State Street hasn't indicated interest in pursuing a crypto-focused fund yet.
Contact Lucy Brewster at lucy.brewster@etf.com.
