Fidelity's former asset management leader, Ronald O'Hanley will become State Street Global Advisors' new CEO in April when current CEO Scott Powers retires this year.

O'Hanley has nearly 30 years of experience in leadership roles within the industry and most recently served as president of asset management and corporate services for Fidelity Investments.

"We're extremely fortunate to have such a strong successor in Ron, someone I have known personally for many years, as well as the talented and experienced management team at SSGA. Ron has a proven track record and extensive experience running a global multi-asset class investment management business," said Jay Hooley, chairman and chief executive officer of State Street. 

"He also has broad experience across asset servicing, both as a leader and State Street client. Importantly, Ron has a passion for the industry and the issues and challenges faced by our clients, including retirement security. I have no doubt that his experience and capabilities will add measurably to State Street broadly and to our clients."

Prior to joining Fidelity, O'Hanley spent 13 years in leadership positions at Mellon Bank and Bank of New York Mellon ultimately as president and chief executive officer of BNY Mellon Asset Management in Boston, vice chairman of Bank of New York Mellon Corp and a member of its executive committee.

O'Hanley also oversaw all of Bank of New York Mellon's activities in Asia. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was vice chairman of Mellon Financial Corporation and president and chief executive officer of Mellon Asset Management.

O'Hanley said, "I am excited to be joining State Street and to have the opportunity to lead State Street Global Advisors - an exceptional investment firm that, because of its superb professionals, is well positioned to bring critical solutions to investors around the world."

Powers will step down in April after more than seven years leading the firm and three decades in the investment management industry.

O'Hanley and Powers will work together over the next several months to ensure a smooth transition of responsibilities.

"Scott has been a highly effective leader for our asset management franchise and I thank him for everything he has done to strengthen SSGA's leadership position, talent and culture," said Hooley.

"Although it is bittersweet to be retiring from SSGA, I know I leave the firm on a very solid footing, with even greater prospects ahead," said Powers. It's been a privilege to work with such a talented team of professionals and global clients."

Under Powers' tenure, SSGA has expanded its leadership across solutions that span the risk return spectrum, increased profitability and grown market share across both the institutional and intermediary channels. In the past five years alone, assets under management have increased 22%; ETF assets under management have grown by 85% and multi-asset class solutions assets under management have grown by 48%.