State Street names new European PE chief

State Street has hired Phil McGowan as senior vice president and head of private equity and real estate services for the region.

McGowan joins from Dublin-based HFX Capital, an advisory firm to hedge funds, where he acted as chief operating officer, according to a State Street spokesperson. McGowan previously worked at Investors Bank & Trust where he was responsible for the custody bank’s European fund administration division. 

Phil McGowan

When Investors’ was later acquired by State Street in 2007, McGowan was responsible for overseeing the integration of the bank’s Irish operations into the rival Boston-based group.

McGowan replaces former EMEA private equity head Ian Lambert, who has taken on a different role within the group, according to the spokesperson who was unable to provide further details by press time.

“Having spent the last decade in Ireland, one of the key domiciles for alternative services, [McGowan] is ideally suited to help us continue to develop solutions for the changing needs of our clients,” said George Sullivan, vice president of State Street’s alternative investment line.

As of the end of last year, State Street serviced $237 billion in private equity capital commitments, according to its website. The group offers private equity clients full fund accounting, financial reporting services and other administration-related services.