State Street Global Advisors' appointment of Chris Woods as Head of Global Hedge Fund Investment Strategy is expected to lead to a major reorganisation of the business.


The company also announced the appointment of Richard (Rick) Lacaille as Chief Investment Officer in the UK. Both Mr Lacaille and Mr Woods are based in London and will report to Alan Brown, group chief investment officer.


Mr. Woods plans to unite State Street Global Advisors' different hedge fund approaches, which jointly manage about US$600 million, into a single operation that will target specific clients including funds of hedge funds, institutional investors and offshore investors.


In a role formerly held by Mr Woods, Mr Lacaille will be responsible for overseeing all investment activities undertaken in London. Prior to his new appointment, Mr Lacaille was Head of Structured Products at the company.


Commenting on the appointments, Alan Brown, Global Chief Investment Officer, said: "Chris has been involved in State Street Global Advisors' hedge fund strategies for several years and this new global role is a reflection of his interest and knowledge in this product area. I look forward to working with them both in the continued development of State Street Global Advisors' business in the UK and globally."


Background Note: State Street Global Advisors, the investment management group of State Street Corporation, uses quantitative and traditional techniques to manage US$788 billion in investment programs and portfolios for institutional and individual investors.  State Street Global Advisors has full investment operations in Boston, Hong Kong, Tokyo, Singapore, London, Paris, Montreal, Munich, and Sydney.  It also has offices in Brussels, Dubai, Moscow, Prague, Santiago, Seoul, Toronto, Zurich and 14 cities in the United States.  In 2003, State Street Global Advisors in the UK was honoured with the Queen's Award for Enterprise in International Trade.


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