State Street has become one of the last large fund managers to create a role to specifically oversee defined contribution pension schemes, as this type of retirement provision overtakes traditional final salary and career average plans.

The $1.9 trillion (€1.6 trillion) asset manager announced today that it had appointed Kristi Mitchem to the new position of global head of its defined contribution business. SSgA said in the statement that its DC business was worth $252bn worldwide, and Mitchem had been brought in to advance the division.