股票市场Tailspin伤害了州街全球顾问，而不是许多其他货币管理人员。标准普尔500指数下降了34％，从1月到10月讲述了SSGA的税前利润大致相同。这是因为超过90％的波士顿机构经理在资产中的1.7万亿美元处于被动指数策略中，这些策略几乎追踪了世界上的每一个股权和债券指数，上升并下降。市场危机已迫使该公司的新首席执行官Scott权力延迟计划建立努力击败指标的积极战略。
Powers, the former Harvard College hockey star who arrived from Old Mutual Asset Management in May, doesn’t foresee a full recovery in the stock market — or in SSgA’s business — much before the end of 2010. “We have been in a tough market for almost a year,” he says. “But there are certain basics that we have got to get right: Focus on what we do very well, and deliver good performance.”
As part of a three-year recovery plan that he presented in September to SSgA’s parent, State Street Corp., Powers is shaking up senior management to cut costs and play to the firm’s strengths as a passive asset manager and one of the biggest managers of money market funds. First, he laid off SSgA’s 20-member U.S. active equity team. This was the firm’s only team to use analysts instead of computer programs to pick stocks, but it had never achieved better than average performance. Then Powers eliminated the position of chief product officer Peter Leahy. Powers also launched a search for a global chief of institutional sales to help stem investment outflows and court sovereign wealth funds, moving the former head, Marc Brown, into the role of chief administrative officer. He also created a new position, global chief investment officer, and gave it to London-based SSgA executive and quantitative investor Richard Lacaille.
尽管如此，权力仍在为生长活跃的资产管理业务奠定基础，比被动策略更高的费用耙得多。(SSgA’s index funds collect a minuscule 1 basis point per dollar under management on accounts of $1 billion or more for pension funds and other big institutional investors.) Given the market turbulence, that won’t likely get under way until after 2010, he says.
在举行权力之前，SSGA已关闭其主动固定收入团队和对冲基金业务。然后，活跃的国际股权部门因拉萨德资产管理而离开。通过强国的估计，将SSGA留在积极管理资产的2000亿美元。衰退不可能发生在更糟糕的时间。2007年，若干投资者将诉讼申请诉讼，以便在积极管理的固定收益基金中申请涉嫌损失。该诉讼，诉讼所说的是目前在法律程序的各个阶段，LED SSGA在2007年底留出了6.25亿美元的储备金，该年度截至今年的净利润削减了90％，达到4100万美元。本季度截至9月30日，其税前利润从同一时期达到38％，达到7500万美元，收入为2.21亿美元。
与此同时，父母州街希望在对冲基金中购买股权股权，以添加到州街全球联盟，这是一组三个替代资产管理精品店，其中持有股权。
到目前为止，权力的倡议是从SSGA客户绘制掌声。“每个人都认为世界现在将在手提包中下地狱。斯科特正在思考，“我们应该坚持我们的针织，”马萨诸塞州养老金储备投资管理委员会执行董事Michael Travaglini说。MassPrim与SSGA更多地投资更多，它与任何其他经理投资。