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State Street Corporation: Management
built 634 days ago
Investment management fees, generated by State Street Global Advisors, are $299 million, up 26% from $238 million in last year's third quarter. Management fees reflect continued new business and an increase in average month-end equity valuations, partially offset by lower performance fees. Total assets under management are $2.0 trillion at September 30, 2007, up 22%, compared to $1.6 trillion at September 30, 2006.
State Street reevaluated its entire network architecture and strategy, deciding to consolidate its carrier relationships, outsource network installation and management, and build a network foundation for the future. One requirement for the new network was that it be based on equipment from CiscoSystems
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Combining the experience and global assets of State Street with the intellectual capital of Windham Capital Management Boston, LLC and FDO Partners, LLC, State Street Associates, LLC (SSA) delivers preeminent research in global asset allocation and currency management. SSA's products and services are available as analytical tools on Global Link.
State Street believes that providing financial information in this format in addition to financial information prepared in accordance with GAAP, assists investors and others by providing them with financial trends of ongoing business activities on a comparable basis. Management believes that providing separate Investors Financial results and baseline financial information further assists investors and analysts in understanding the effect of that acquisition.
State Street has provided custody, fund accounting and investment management services to Scotiabank since February 2002. With this expanded mandate to service the Cayman-based funds, State Street will now service approximately CA$4.54 billion in total assets for Scotiabank.
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Apart from the initial acquisition, which was based in Edinburgh, the city ... has considerable attractions for State Street. Scotland ranks first in Europe for higher education students studying financial services-related courses and the workforce also has a high level of competence in technology. Part of Edinburgh’s appeal was the fact that the strong fund management industry was a magnet for intellectual capital.
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