Profit & Loss understands that Wai-Kwong Seck, CEO of State Street in the Asia Pacific region (APAC) and member of the bank’s Management Committee, is leaving after an eight year career. According to an internal memo seen by Profit & Loss Seck will be replaced by Ian Martin, currently EVP Asia Pacific at the bank and formerly head of Global Markets for the bank in the region.
In the memo, Ron O’Hanley president and CEO of State Street thanks Seck for his time at State Street and says, “Wai-Kwong and I have been speaking for some time about his desire to be back in his hometown, Singapore, and to do something different. He has a number of near-term opportunities that he is assessing and as such we have agreed that this is the right time for him to leave. We are very happy for Wai-Kwong and thank him for everything that he has done for State Street during his tenure including advancing our growth across the region, strengthening client relationships, expanding our solutions and deepening our capabilities in key areas of growth in Japan and Australia. He has also been a passionate advocate for greater diversity, particularly with respect to increasing the representation of women in leadership roles in the region.”
Prior to joining State Street, Seck was chief financial officer of the Singapore Exchange for eight years. Before that he held senior-level positions in the Monetary Authority of Singapore, the Government of Singapore Investment Corporation (GIC), Lehman Brothers and DBS Bank.
Martin is assuming the CEO role in addition to his current responsibilities as head of State Street’s Global Services business for APAC, effective immediately. The memo says he will form an executive committee in APAC with existing dual reporting lines to the respective global heads remaining in place and will continue to report directly to Andrew Erickson, head of Global Services worldwide for the bank.
Martin has been with State Street for more than 25 years starting in its FX department in Sydney, before moving to take over the Global Services business in the Asia Pacific region. He was previously head of FX options trading and sales at ANZ in Sydney.