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State Street Corporation: Companies
built 632 days ago
With $10.1 trillion in assets under custody as of December 31, 2005, State Street Corporation isrecognized as the leading servicer of U.S. mutual funds and pension plans. The company is alsotheleading institutional investment manager in the United States with $1.4 trillion under management as of December 31, 2005. Founded in 1792 and headquartered in Boston, Massachusetts, State Street now employs more than 21,000 people in 26 countries and 100geographic markets worldwide.
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State Street Corporation is a financial holding company that provides an integrated range of products and services for sophisticated investors worldwide. The Company provides fund accounting, custody, investment management, securities lending, transfer agency services, hedge fund services and operations outsourcing for investment managers. It conducts its business principally through its subsidiary, State Street Bank and Trust Company (State Street Bank or the Bank). The Company has two lines of business: Investment Servicing and Investment Management. For the year ended December 31, 2004 (2004), 84% of State Street's total revenue comprised revenue from Investment Servicing. The remaining 16% comprised revenue from Investment Management.
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The 1970s were a bruising decade for the nation's banks, and State Street was no exception. By the mid-1970s, the bank was suffering from major real estate lending problems. Fortunately, a new chief executive officer, William Edgerly, took control in 1975 and began hammering out an ambitious new strategy to turn the company around. He had already made his mark at the company as an outspoken member of the board of directors. Edgerly brought in new managers to help propel the bank into the direction that it had to go if it was to continue to hold its own in the competitive New England banking community. At that time, the bank had four major lines of business: commercial banking, financial services, investment management, and regional banking.
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State Street Corporation, organized in 1970, is a financial holding company organized under the laws of the Commonwealth of Massachusetts. The Company, through its subsidiaries, provides a full range of products and services for institutional investors worldwide. The Company conducts its business primarily through its principal banking subsidiary, State Street Bank and Trust Company. The Company operates in a highly competitive environment in all areas of its business worldwide. The Company reports two lines of business: Investment Servicing and Investment Management. Investment Servicing provides services for mutual funds and collective investment funds, corporate and public retirement plans, insurance companies, foundations, endowments, and other investment pools worldwide.
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State Street Corporation, through its subsidiaries, provides a range of products and services for the institutional investors worldwide. It operates in two divisions, Investment Servicing and Investment Management. These divisions provide a range of products and services, which include mutual funds and other collective investment funds, corporate and public retirement plans, insurance companies, foundations, endowments and other investment pools, and investment managers. The Investment Servicing division offers a range of services, including custody, product- and participant-level accounting, daily pricing and administration; master trust and master custody; recordkeeping; shareholder comprising mutual fund and collective investment fund shareholder accounting; foreign exchange, brokerage, and other trading; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and hedge fund manager operations outsourcing; and performance, risk and compliance analytics. The Investment Management division provides an array of services for managing financial assets, such as investment research services and investment management, including passive and active U.S. and non-U.S. equity and fixed-income strategies; and other related services, such as securities finance.
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State Street Corporation (State Street) is a financial holding company for State Street Bank and Trust Company. The group provides fund accounting, custody, investment management, securities lending, transfer agency services, hedge fund services and operations outsourcing for investment managers. State Street operates in the US, Europe, Canada, Cayman Islands and Asia. It is headquartered in Boston, Massachusetts and employs about 21,700 people.
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