State Street Corporation NYSE: STT is a financial services company based in Boston Massachusetts. It is one of the world’s leading specialists in serving institutional investors and traded on the New York Stock Exchange under the ticker symbol STT. State Street Corporation has been in business since 1792 and is one of the oldest companies in the United States.
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. In 2004, the Company had $9.5 trillion of assets under custody and $1.35 trillion of assets under management. Its clients include mutual funds and other collective investment funds, corporate and public pension funds, and investment managers.
State Street provides a full range of products and services for portfolios of investment assets. State Street focuses its services on institutional investors and investment management. Its customers include mutual funds and other collective investment funds, corporate and public pension funds, corporations, unions and not-for-profit organizations.
State Street employs over 20,000 people in more than 25 countries, more than one third of whom work in IT. State Street’s GlobalLink intranet is used by financial institutions all over the world to transfer funds and track capital flows.
For the fiscal year that ended on the 31st of December, 2005, State Street Corp.’s interest income increased 64% to $2.93B. Net interest income after loan loss provision increased 3% to $907M. Net income from continuing operations increased 18% to $945M. Net interest income reflects higher interest earning asset balances, partially offset by higher interest expense. Earnings benefited from higher management fees, servicing fees and trading services.
State Street has been in business for more than 200 years. They rank among the top financial service providers in all of the fields they operate in. They are ranked number one in the servicing of U.S. mutual funds, as well as the servicing of U.S. pension plans.
They are also number one in investment management of U.S. pension assets and a leading pension manager globally. State Street is also the top provider of foreign exchange services worldwide, and is now the largest offshore fund service provider worldwide.
State Street’s total assets under custody grew from $1.7 trillion in 1994 to $9.5 trillion in 2004, and their total assets under management grew from $161 billion in 1994 to $1.4 trillion in 2004.
State Street Financial Center,
One Lincoln Street
Boston, MA 02111
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