US - Assets under management at State Street Corporation grew to US$1.4trn in the third quarter, up 14% from the same period last year, according to third quarter results released today.
State Street’s revenue stood at $1.4bn in Q3, up 18%, or $214m compared to $1.2bn in Q3 last year.
Net income from continuing operations was $250m, up 41% from $177m from the same period last year.
Investment management fees, generated by State Street Global Advisors, rose by 21% to $188m, up from $156m a year ago.
State Street attributed the fee increase to “continued new business and an increase in average month-end equity valuations”. The increase in management fees from Q2 is 9%.
Ronald E. Logue (pictured), chairman and CEO, said, “Our year-over-year servicing and management fee revenue growth continues to be strong, driven in part by new business and deepening relationships with existing customers.”
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