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State Street's strong Q4 boosted by AllianzGI mandate
26 January 2017
Asset servicing business and sec finance units perform well in last quarter of 2016
State Street’s fourth quarter securities
finance revenue ticked up in annual terms, driven by revenue
from enhanced custody.
The Boston-based bank said revenues for the unit, part of
State Street Global
Markets, totalled $136m between
October and December.
That beat the $127m achieved in the same period of last
year, although the performance was flat in quarterly terms due
to lower agency lending revenue.
Outside of securities finance, new asset servicing mandates
during the fourth-quarter of 2016 totaled $180bn.
This week the firm told investors it had won new business
It will provide fund administration, global custody,
transfer agency and data services to the asset manager,
covering €450bn ($481bn) of assets.
Across its own asset management unit State Street
experienced fourth quarter net inflows of $16bn.
Brokerage and other fees increased, primarily due to higher
transition management revenue.
Overall, the company said its bottom line rose to $577m, up
from $494m in last year's fourth quarter.
Chief executive Joseph Hooley said the firm is focused on
its 2017 priorities, including investing in new products and
returning capital to shareholders.