State Street announces appointment of Senior Investment Advisor to Lead Company-Wide ESG Program

State Street Corporation has announced that it has appointed Richard F. Lacaille to the newly-created role of Senior Investment Advisor, and has promoted Lori Heinel to Global Chief Investment Officer for State Street Global Advisors.

In his new role, Lacaille will provide enterprise-wide leadership of the company’s Environmental, Social and Governance (ESG) solutions, services and thought leadership across all of State Street’s businesses, State Street said in a press release. Lacaille will report to Ronald O’Hanley, Chairman and Chief Executive Officer of State Street Corporation.

For many years, State Street has been at the forefront of innovation across its businesses, developing best-in-class ESG capabilities including reporting and analytics tools, premier academic research, and investment solutions and products, reports the firm. With client demand for ESG servicing, guidance and investment solutions continuing to increase, Lacaille will ensure State Street’s ESG efforts and strategies are well-coordinated and optimised to serve clients’ evolving needs.

Ronald O’Hanley, Chairman and CEO, State Street, said: “With more than two decades of leadership at State Street Global Advisors and his role as chair of State Street’s executive corporate responsibility committee, Rick is absolutely the right leader to take our firm’s ESG efforts to the next level. We believe ESG considerations drive long-term value for investors, and will only become increasingly more important as drivers of return and risk. Rick and his team have developed innovative strategies to help thousands of institutions and intermediaries world-wide and the millions of people they serve. His background, combined with his holistic view of our strategy and strong client focus, ideally positions him for this new role.”

Lori Heinel, who joined State Street Global Advisors in 2014 as Chief Portfolio Strategist and has served as Deputy Global Chief Investment Officer since 2016, will assume the role of Global Chief Investment Officer. She has been a driving force for a number of key initiatives across the business including implementing consideration of financially material ESG issues throughout the investment process. In her role, Heinel will oversee the full spectrum of industry-leading investment capabilities from index funds and ETFs to active, multi-asset class solutions and alternative investments. She will lead an investment team of more than 600 professionals globally. Heinel will report to Cyrus Taraporevala, President and Chief Executive Officer of State Street Global Advisors.

Cyrus Taraporevala, President and CEO, State Street Global Advisors, said: “Lori taking the reins as Global Chief Investment Officer will bring to fruition years of succession planning. Lori is a change leader who I believe is strongly positioned to lead State Street Global Advisors’ Investments team, as we continue the investment innovation which has been a hallmark of our strategy for decades.”

Richard Lacaille, Senior Investment Advisor, State Street, said: “Lori and I have worked closely together for the past six years and her investment expertise coupled with her exceptional client-driven perspectives, will enable her to deliver solutions to meet a diverse array of client needs. With her keen understanding of the role ESG plays in portfolios, I know she’ll continue to be a great partner to me in my expanded company-wide role as we build on the great strides we’ve made to advance the ESG conversation.”

Lori Heinel, Global Chief Investment Officer, State Street Global Advisors, said: “I look forward to continuing to partner with Rick as State Street takes the next steps on its ESG journey under his leadership. With her keen understanding of the role ESG plays in portfolios, I know she’ll continue to be a great partner to me in my expanded company-wide role as we build on the great strides we’ve made to advance the ESG conversation.”

Lacaille and Heinel will assume their respective new roles by March 31, 2021 after a careful and deliberate transition.