Yie-Hsin Hung
President and Chief Executive Officer, State Street Global Advisors at STT
Executive
About Yie-Hsin Hung
President & CEO of State Street Investment Management (formerly State Street Global Advisors), member of State Street’s Executive Committee, and co‑head of Strategy Oversight; joined STT in December 2022 after serving as CEO of New York Life Investment Management (NYLIM) where she led a near four‑fold increase in AUM . Education: MBA, Harvard University; BS (Mechanical Engineering), Northwestern University; recognized among Barron’s 100 Most Influential Women in US Finance and American Banker’s 25 Most Powerful Women in Finance . Under her leadership in 2024, Investment Management delivered company‑record management fee revenue (+13% YoY), a 28% YoY increase in income before income tax, and a 29% pre‑tax margin; STT consolidated EPS rose 13.2% and TSR exceeded the KBW Bank Index on 3‑ and 5‑year bases .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| New York Life Investment Management | Chief Executive Officer | 2015–2022 | Led multi‑boutique global manager; nearly 4× AUM growth |
| New York Life Investment Management | Co‑President; Chairman, NYLIM International | N/A | Drove geographic expansion and capability build |
| Bridgewater Associates | Leadership positions | N/A | Senior advisory/management roles prior to NYLIM |
| Morgan Stanley / MS Investment Management | Managing Director; Real Estate Investment Banking | N/A | Capital markets and investment management leadership |
External Roles
| Organization | Role | Notes |
|---|---|---|
| Investment Company Institute (ICI) | Vice Chair, Board of Governors | Current role per STT leadership page |
| Northwestern University | Board of Trustees | Trustee; Distinguished Alumni Medal recipient (2019) |
| C200; Women’s Forum of New York; NACD | Member/Director | Professional networks and governance roles |
| Next for Autism | Non‑profit board | Community engagement |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $700,000 | $700,000 |
| Immediate Cash Incentive ($) | $1,950,000 | $3,412,500 |
| Non‑Equity Incentive Plan Compensation ($, SCT) | $2,937,128 (includes DVA dividends) | $3,579,147 (includes $166,647 dividends on outstanding DVAs) |
| Stock Awards ($, grant‑date fair value) | $4,999,960 | $5,069,971 |
| All Other Compensation ($) | $57,341 | $97,606 |
Performance Compensation
| Vehicle | Performance Metrics / Weighting | Target / Measurement Period | Vesting | 2024 Grant (Shares / Value) |
|---|---|---|---|---|
| Performance‑Based RSUs | Earned on 3‑yr Pre‑Tax Margin and Fee Revenue Growth; TSR modifier ±25%; ROE downward modifier up to −100%; payout 0–150%. 40% of total incentive for Other NEOs | 2025–2027 | Single tranche post‑performance period | Target 48,297; Max 72,446; Fair value $3,119,986 |
| Deferred Stock Awards (DSAs) | Service‑based; no dividends; no options granted at STT | N/A | 4 equal annual installments (25% per year); first vested Feb 15, 2025; remaining Feb 15, 2026–2028 | 29,505; Fair value $1,949,985 |
| Immediate Cash (short‑term) | Annual corporate performance factor 115% + individual modifier +10% for 2024; total incentive at 125% of target | Annual (2024) | Paid immediately | $3,412,500 |
2024 Individual Performance evaluation
- Above Expectations; record management fee revenue (+13%), 29% pre‑tax margin, $109B record ETF net inflows; market share gains; product launches; operational efficiency progress → +10% individual modifier .
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| Beneficial Ownership (shares) as of Mar 3, 2025 | 23,576 |
| Ownership % of shares outstanding | <1% (each NEO and directors individually) |
| Stock Ownership Guideline | 5× base salary for executives; Ms. Hung exceeds full guideline |
| Hedging/Pledging/Short Selling | Prohibited under Securities Trading Policy |
| Options outstanding | None; STT does not grant options to NEOs |
Unvested/Unearned awards as of 12/31/2024
| Award | Shares Unvested | Market/Payout Value ($) |
|---|---|---|
| DSAs (grant 02/24/23) | 40,820 | $4,006,483 |
| DSAs (grant 02/23/24) | 29,505 | $2,895,916 |
| Performance‑Based RSUs (2024 grant, at max shown in table) | 72,446 (uneanred; 2024 PBRSUs displayed at 150% of target for table presentation) | $7,110,575 |
Employment Terms
- Employment start date and tenure: Named President & CEO of State Street Global Advisors in September 2022; joined December 2022; succeeded Cyrus Taraporevala (retired March 1, 2023) .
- Change‑of‑control economics: Double‑trigger required for acceleration of deferred equity and cash payments; service‑based restrictions lapse; accelerated vesting upon qualified termination post‑CoC for U.S. NEOs .
- Clawback/forfeiture: Ex ante adjustment, forfeiture, and clawback across cash and equity awards for specified misconduct, risk events, restatements, calculation inaccuracies, or non‑compete violations (clawback window: 4 years for PBRSUs; 3 years for others) .
- Non‑compete / non‑solicit: Deferred incentive awards include non‑compete (12 months) and non‑solicit (18 months) post‑termination; confidentiality and non‑disparagement ongoing .
- Severance provisions (illustrative values as of 12/31/2024):
- Involuntary Termination without Cause: Cash severance $161,538; continued vesting of DSAs $6,902,399; continued vesting of PBRSUs $6,209,852; outplacement $40,000; total value $18,115,286 .
- Termination in connection with Change of Control: Cash severance $6,860,000; accelerated vesting DSAs $6,902,399; accelerated PBRSUs $4,856,263; accelerated DVAs $2,846,317; current year incentive $2,730,000; benefits $44,895; total value $24,321,274 .
- Death/Disability: Benefits and (for DSAs/DVAs) acceleration with totals $15,985,359 (death) and $15,958,568 (disability) .
- Tax gross‑ups: No change‑of‑control excise tax gross‑up; no perquisite tax gross‑ups (with limited relocation exceptions for other NEOs; none noted for Ms. Hung in 2024) .
Performance & Track Record
- 2024 Business outcomes at Investment Management: +13% management fee revenue; +28% income before income tax; 29% pre‑tax margin; $109B record ETF net inflows; market share gains (U.S. low‑cost and EMEA ETFs); >90 product launches, including ETFs‑as‑a‑service; strategic partnerships; operational efficiency progress .
- Enterprise context: STT 2024 consolidated EPS +13.2%; pre‑tax margin +1.2 pts; fee revenue +6.3%; TSR exceeded KBW Bank Index on 3‑ and 5‑year horizons .
- Strategic initiatives: Expanded proxy voting choice—80%+ of eligible index equity assets; 63% increase in US ETF/mutual fund adoption in Q1 2025; broadened policy options (Egan‑Jones, Glass Lewis, Bowyer Research) .
- 2023 performance mix: Financial below expectations (expense increase vs. budget), but business above expectations; individual modifier +15% yielded 100% of target incentive .
Compensation Structure Analysis
- Mix shift: 2024 eliminated deferred cash components for U.S. NEOs to align with peer mix while maintaining emphasis on long‑term equity (CEO 75% long‑term; Other NEOs 65% long‑term; 40% of total incentive in PBRSUs for Other NEOs) .
- Performance linkage: PBRSUs tied to profitability and fee growth with TSR/ROE modifiers—robust pay‑for‑performance mechanisms; clawbacks/forfeitures add discipline .
- Guaranteed pay: None; no multi‑year guarantees, no options, no repricing .
- Say‑on‑pay: 93% support in 2024 indicating broad shareholder approval of program design .
Equity Ownership & Alignment Details
- Ownership guideline: 5× salary; Ms. Hung exceeds full guideline—reduces alignment risk; holding requirements in effect if guideline not met (50%/100% net shares) .
- Pledging/hedging banned; option grants not used—limits misalignment, leverage risk .
- Beneficial ownership low (<1% of outstanding) but meaningful due to DSAs and PBRSUs; vesting cadence creates identifiable calendar‑driven liquidity windows (Feb 15 annually; quarterly CRSUs not applicable for Ms. Hung’s 2024 grants) .
Employment Terms (Additional)
- Deferred comp plans: No MSSP balance for Ms. Hung in 2024 .
- Perquisites: 2024 “All Other Compensation” items include $20,700 company DC plan contributions, $47,250 charitable matching/leadership contributions, and $29,656 other benefits (incl. relocation; no executive security) .
Investment Implications
- Pay‑for‑performance alignment: High proportion of deferred, performance‑based equity with rigorous metrics (fee growth, margins, TSR/ROE modifiers) supports long‑term shareholder value; clawbacks mitigate risk of windfalls .
- Retention risk: Double‑trigger CoC design, continued vesting on involuntary termination, and ownership guideline compliance suggest moderate retention risk; large CoC cash severance ($6.86M) indicates material transition cost but is standard for senior roles .
- Trading/vesting signals: Annual DSA vesting (Feb 15) and single‑tranche PBRSU vesting post‑performance period create predictable potential selling windows; hedging/pledging bans reduce adverse signaling risk. Absence of options avoids “underwater” repricing risk .
- Execution track record: 2024 results at Investment Management (fee revenue/margin/inflows) and proxy voting choice expansion indicate effective growth/innovation; 2023 expense variance highlights ongoing cost discipline needs .
- Governance quality: Strong HRC oversight, risk‑aligned compensation, and high say‑on‑pay support (93%) reduce governance red flags; no related‑party or tax gross‑up concerns for Ms. Hung in 2024 .