State Street’s transition management team has lost one senior manager and re-hired another amid growing demand for its service as asset owners seek to reallocate portfolios.

The world's second largest custodian confirmed that Raymond Pestana, senior transition manager, has resigned. Pestana was one of a group of seven from Citigroup's transition team who moved en masse to BNY Mellon in 2009. Pestana joined State Street in July 2010.