State Street announces 17% rise in assets under custody
GLOBAL - State Street saw its assets under custody rise by 17% in the last year with its investment arm State Street Global Advisors (SSGA) raking in a 21% increase in assets under management.
The record figure of $11.85trn (€9.2trn), up from $10.12trn in 2005, brings State Street a step closer to what is deemed to become the largest player in the custody market: Bank of New York/Mellon with an estimated $16.6trn in assets under custody.
With regards to assets under management SSGA saw the figures rising to $1.7trn, up 21% from $1.4trn in 2005, State Street stated in its Q4 results.
With SSGA's revenues growing by 26% last year, State Street CEO Ronald E Logue noted that: "It is increasingly becoming a more meaningful contributor to State Street's results."
Logue also pointed out that State Street's non-US revenue represents around 43% of total revenue, "in line with our long-term goal of 50% over several years".
Total revenue increased 15% from $5.52bn to $6.35bn with net income going up from $838m to $1.08bn.
As of year-end 2006 State Street was operating in 26 countries and more than 100 geographic markets with 21,700 employees worldwide.