Greg Cooper, FSC chairman, said Mr Crafter brings 25 years of experience with him to the FSC board.
"Lochiel joined State Street Global Advisors in 2001 where he held various roles including chief investment officer, Asia Pacific," Mr Cooper said.
"In 2008 he was appointed to the position of chief executive officer of the Australian Reward Investment Alliance before rejoining State Street Global Advisors in 2010 as the head of investments, Asia Pacific," he said.
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Mr Crafter was appointed head of Asia Pacific in 2013.
There are now 14 directors on the FSC board. The joint deputy chairmen of the FSC board are BT Financial Group chief executive Brad Cooper and Perpetual chief executive Geoff Lloyd.
