State Street Corporation
Stock Symbol: STT
State Street Financial Center
One Lincoln Street
State Street Corporation Industry:
State Street Corporation Description:
State Street Corporation (NYSE: STT) is the world's leading specialist in providing sophisticated global investors with investment servicing and investment management. With $6.2 trillion in assets under custody and $770 billion in assets under management, State Street is headquartered in Boston, Massachusetts and operates in 22 countries and over 100 markets worldwide.
State Street Corporation Financial Summary:
For the nine months ended 30 September 2005, State Street Corp.'s interest income increased 65% to $2.07B. Net interest income after loan loss provision increased 4% to $665M. Net income from continuing operations increased 13% to $696M. Net interest income reflects higher interest earning asset balances, partially offset by higher interest expense. Earnings benefited from higher management fees, securities lending and trading services.
State Street Corporation Business Summary:
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. 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.