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State Street Corporation: Banks
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State Street has been appointed to provide a range of custody, accounting and fund administration services to the Excelsior Funds. This mandate expands State Street’s services to Columbia Management, Bank of America’s asset management arm by $20 billion in assets for a total of $320 billion. State Street Global Advisors ... added significant new business as well. State Street has been appointed by the pension schemes of the British Airport Authority Pension Trust to manage £330 million of Global Equity 130-30 mandate. New York State teachers also opted to renew contracts with State Street Global Advisors for their management of an $886 million passive international equity account. Puerto Rican government employees’ retirement system appointed SSgA to manage $60 million in an active large cap strategy.
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By the mid-1990s, State Street found itself on the defensive. While the bank had enjoyed a pioneering position in fee-based services through the early part of the decade, other banks had ultimately followed suit. With State Street already holding some 25 percent of the mature master trust, pension fund, and mutual fund markets, bank leadership realized that it would be difficult to capture a significantly larger share. State Street knew that it would be difficult to gain a significantly larger share as well. Therefore, it channeled its energies into retaining existing business and offering new products and advanced technologies.
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State Street Global Advisors (‘SSgA') is the investment management division of State Street Corporation, listed on the NYSE, leading provider of services to sophisticated global investors. In just over 29 years, SSgA has grown from a single location in 1978 to become one of the world’s largest institutional fund manager with offices in 25 cities, 11 investment centers and €1,432 billion in managed assets (as of June 30, 2007). State Street is uniquely focused on the investment industry and is not involved in any commercial banking or insurance activities. P>
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State Street Corporation has been in business since 1792 and is one of the oldest companies in the United States. The company employs 26,000 staff around the world. [1] The bank claims assets under custody of US$15.1 trillion and assets under management of US$2.0 trillion as of September 30, 2007. [2]
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State Street has been operating in the UK since opening its first office in London in 1972. The 1998 acquisition of the Bank of Scotland’s trustee business enabled State Street to set up its first operation in Edinburgh – an operation that was greatly expanded by the acquisition of Deutsche Bank’s global securities services business in 2003.
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State Street is a Boston-based bank operating in two lines of business: investment servicing and investment management. In the last year, its revenues were $5 billion and its net income totaled $1.3 billion. Its stock has gained 20% of its value in the last year, and it trades at a P/E of 21.8.
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