GLOBAL - Total assets under management at State Street Global Advisors have risen 14% to $1.4trn (€1.17bn), parent State Street Corp. said.
SSGA's investment management fees rose 21% to $188m, reflecting "continued new business" and higher equity valuations. And the Boston-based bank's total assets under custody rose 9% to $9.8trn.

Overall, the bank reported a 41% increase in net income from continuing operations to $250m. Revenues rose 18% to $1.4bn.

"We are very pleased with the results of the quarter for a number of reasons," said chairman and chief executive Ronald Logue.

"First, 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."

Logue saw a "healthy" new business pipeline. "As we move into the fourth quarter, our momentum is positive, and we are beginning to show the results of the actions we undertook at this time last year."

Last week SSGA won a £70m enhanced UK equity and passive UK bond mandate from the €1.5bn Volkswagen Group Pension Scheme.

Elsewhere, State Street rival the Bank of New York said it would buy 80% of asset management firm Alcentra, which specialises in sub-investment grade debt for an undisclosed sum. Alcentra, which operates in London and Los Angeles, has more than $6.2bn under management.

Topics