State Street Unit Appoints Dwyer Chief Risk Officer

State Street Corp., the third-biggest custody bank, appointed Maria Dwyer as chief risk officer of its asset management unit.

The appointment of Dwyer, 54, formerly chief regulatory officer at Massachusetts Financial Service Co., is effective immediately, Boston-based State Street said today in a statement. She will report to Scott Powers, chief executive officer of the State Street Global Advisors investment unit, and Andrew Kuritzkes, head of enterprise risk management at the parent company. Dwyer’s role was previously held on an interim basis by Fredrik Gjerstad, global head of investment risk.

SSgA, the second-biggest U.S. money manager behind New York-based BlackRock Inc., is known for its institutional index-based investment products and exchange-traded funds. Assets under management rose 13 percent in 2012 to $2.1 trillion as clients deposited $24 billion, including $13 billion to ETFs.

“Maria brings a combination of experience in key risk and compliance oversight roles as well as operations and processes in investment management,” Powers said in the statement.