The new structure will remain under the leadership of Michael Stevens, head of US SPDR intermediary sales.

State Street Global Advisors, the asset management business of State Street, has re-cast its US SPDR team around its exchange traded funds business to win fresh wealth management business and serve clients more effectively.

The new structure will remain under the leadership of Michael Stevens, head of US SPDR intermediary sales at SSGA, the firm said in a statement.

The Boston-headquartered firm has changed its SPRDR-branded exchange traded funds business, adopting a regional approach than one based on specific channels because of how rapid growth in ETFs requires a business that reflects growing inustry complexity, it said. Teams will provide local and specialized coverage to clients spanning investment strategy, ETF research, capital markets and practice management.

“A service model in which we segment clients by channel is too simplified in today’s world of fee compression, regulatory change, and the continual need to scale to meet client demands,” said Nick Good, co-head of the global SPDR business at SSGA. “The industry is shifting and we must customize our client experience and provide a portfolio of resources focused on the drivers, opportunities and challenges investment professionals face in their practice. This reorganization allows us to deliver a higher level of personalized service and support to the growing universe of financial advisors and wealth managers relying on ETFs to meet their clients’ goals.”

State Street Global Advisors’ US SPDR wealth management sales team was created in 2001 to serve a wide array of clients. The group represents $330 billion in US SPDR assets under management.

In June, this publication reported that SSGA had appointed Kathryn Sweeney as head of SPDR Americas institutional sales.