State Street chief resigns after subprime charge

William Hunt, the president and chief executive of State Street Global Advisors, has resigned after the fund manager’s Boston-based parent company announced it would take a $279 million pre-tax charge for costs stemming from US subprime mortgages.

Hunt will be replaced temporarily by James Phalen, State Street’s head of international operations for investment servicing, research and trading. He takes over as interim president and chief executive, reporting to State Street’s chairman and chief

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