SSGA declines activist role in corporate governance

Amid Enron and WorldCom, this $808 billion fund manager is wary of taking judgement.

When you are responsible for $808 billion of assets under management, you have to be careful. This is the message from John Serhant, one of State Street Global Advisor's four Boston-based vice chairmen, who was passing through Hong Kong recently to meet with clients and took some time to chat with FinanceAsia.

With the US financial markets rocked by one scandal after another, from Enron to Adelphia to WorldCom, some fund managers are lobbying together to push reform. But SSGA has remained aloof. This is a bit of a puzzle, because SSGA is, along with San Francisco's BGI, a top index fund manager, and roughly half its AUM is passively invested....

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