Jesse Cole Joins State Street as Private Markets Leader Amid Growing Client Demand

State Street Corporation is making a strategic leadership move in its Private Markets division. The company has appointed Jesse Cole as the global head of Private Markets, positioning him to drive growth in one of the financial services industry’s fastest-expanding segments.

Market Opportunity Drives Executive Appointment

The timing of Jesse Cole’s appointment reflects broader market dynamics. Institutional investors are increasingly seeking exposure to private markets as they hunt for yield in a low-interest, subdued-growth landscape. State Street’s clients continue pushing for expanded private market offerings, signaling robust demand for sophisticated investment solutions across multiple client tiers.

Based in Chicago, Jesse Cole will report directly to Paul Fleming, who heads State Street’s Global Alternatives Segment. His mandate is clear: develop and execute a comprehensive global strategy for private markets while collaborating with sales and product teams to expand the business across institutional client categories.

A Veteran’s Three Decades of Expertise

Jesse Cole brings substantial credentials to the role—over 30 years navigating the private markets landscape. His background includes managing global client service operations, building elite teams, executing large-scale strategic transformations, and creating innovative product solutions that capture growth opportunities. Before joining State Street, Cole held the position of Managing Director for Global Shareholder and Fund Services at Goldman Sachs. His career also spans operational leadership roles at both Invesco and Northern Trust.

Strategic Infrastructure for Private Markets Growth

State Street’s confidence in this appointment ties directly to its infrastructure investments. In 2021, the company completed its acquisition of Mercatus, Inc., a specialized provider of front-and-middle-office solutions for private market managers. This move enabled the launch of State Street Alpha for Private Markets—a unified digital platform enabling institutional investors to manage the complete lifecycle of private equity, real estate, private debt, and fund-of-funds investments from a single integrated system.

With approximately $43.7 trillion in assets under custody and $4.1 trillion under management as of late 2021, State Street operates across over 100 markets globally. Jesse Cole’s appointment strengthens the firm’s ability to capture growing private markets demand and deliver integrated solutions to an increasingly sophisticated institutional client base.