The head of international business at State Street Global Advisors, the asset manager embroiled in a class action suit relating to the performance of its low-risk bond funds, has become the second senior executive to leave the group since the start of the year.

Mark Lazberger, executive vice-president and head of SSgA’s international business, is stepping down and will return to Australia, his home country, to take up the role of chief executive at funds house Colonial First State Global Asset Management, which manages A$144bn (€88bn) of assets.