US - State Street has beaten its own revenue record for a second successive quarter, bringing in US$2.7bn in the three months to the end of June.
Ronald E Logue, chairman and CEO, State Street, said: "Our year-over-year and sequential quarterly growth in servicing fees is fuelled by new business wins and increased cross selling.
"Additionally, the performance of the acquired Investors Financial business continues to meet or exceed the financial targets we established with more than 90% of the customer revenue now retained," he added.
State Street said its securities finance revenue had rocketed 117% from the same period in 2007, which it attributed to an increase in spreads and seasonally high activity.
Investment management fees were down 1% on 2007. The firm said this was due to lower performance fees and a 10% decrease in average month-end equity valuations, partially offset by new business.
State Street's assets under management were down 2% to $1.89trn at the end of June 2008 compared to the previous year.
However, assets under custody had risen 17% to $15.26trn.
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