Welcome to our dedicated page for State Street Corporation news (Ticker: STT), a resource for investors and traders seeking the latest updates and insights on State Street Corporation stock.
State Street Corporation (STT) is a globally recognized leader in the financial services industry. Specializing in investment management, investment research and trading, and investment servicing, State Street partners with institutional investors worldwide. These services cater to asset managers, asset owners, alternative asset managers, insurance companies, pension funds, and official institutions.
With approximately $42 trillion in assets under custody and administration and $4.1 trillion in assets under management as of December 31, 2023, State Street demonstrates its significant presence and influence in the financial sector. The company operates in more than 100 geographic markets and employs over 46,000 professionals globally, providing a robust network of support and expertise.
State Street is committed to helping clients overcome challenges and achieve better performance both now and in the future. The company consistently delivers innovative solutions and maintains a forward-looking approach to meet the evolving needs of its clients.
Recent achievements include strategic partnerships and technological advancements aimed at enhancing client services. State Street's current projects focus on expanding its capabilities in data analytics, artificial intelligence, and digital asset management, ensuring it remains at the forefront of the industry.
In addition to its core services, State Street is dedicated to sustainability and responsible investing, integrating environmental, social, and governance (ESG) criteria into its investment processes. This commitment not only benefits clients but also contributes to the broader goal of sustainable development.
SPDR Gold Shares (GLD) celebrates its 20th anniversary as the world's largest gold ETF with over $78.3 billion in assets. A new survey by State Street Global Advisors reveals significant growth in gold investment, with 38% of U.S. investors now holding gold, up from 20% in 2023.
The 2024 Gold ETF Impact Study shows that 84% of gold ETF investors report improved portfolio performance. Investors view gold as a safe haven during market volatility (57%) and an inflation hedge (51%). Millennials lead adoption with 61% holding gold, compared to 35% of Gen X and 20% of Baby Boomers. Among financial advisors, 70% recommend gold ETFs to clients.
State Street (NYSE:STT) has elected Patricia Halliday to its Board of Directors. Halliday, 58, brings over three decades of financial services experience across investment, corporate, and retail banking in the UK, Europe, and US markets. Her expertise includes significant risk management experience, having served as chief risk officer at Santander UK and GE Capital International. At Santander, she led enterprise risk operations and at GE Capital, she managed over 1,000 employees while implementing enhanced enterprise-wide risk frameworks. Her previous roles included senior credit risk positions at Deutsche Bank and Barclays Capital.
State Street (NYSE: STT) has declared cash dividends on three series of non-cumulative perpetual preferred stock. Series G will pay $1,337.50 per share ($0.334375 per depositary share), Series I will distribute $1,675.00 per share ($16.750000 per depositary share), and Series J will pay $2,642.78 per share ($26.427800 per depositary share). All dividends are payable on December 16, 2024, to stockholders of record as of December 2, 2024. The Series J dividend covers the period from July 24, 2024, to December 15, 2024.
State Street Global Advisors (NYSE: STT) is organizing a historic event in Times Square on October 29, 2024, aiming to set a GUINNESS WORLD RECORDS title for the most people ringing a bell in one hour. The event, scheduled from 3:00 PM to 4:45 PM ET, coincides with the Nasdaq closing bell ceremony and includes an immersive Times Square takeover experience.
This initiative celebrates the firm's legacy as the pioneer of the first US-listed ETF three decades ago and demonstrates their commitment to helping investors achieve their financial goals. The event is open to all investors, symbolizing the company's dedication to creating better outcomes for global investors.
S&P Global (NYSE: SPGI) has announced the appointment of Eric Aboaf as its new Chief Financial Officer, effective February 2025. Aboaf will oversee all aspects of the company's Finance function and report to Martina L. Cheung, S&P Global's incoming President and CEO. Aboaf joins from State Street (NYSE: STT), where he served as CFO for nearly eight years and Vice Chairman since 2022.
Aboaf brings extensive experience in financial services, having held CFO roles in multiple publicly traded companies. His background includes positions at Citizens Financial Group and Citigroup, as well as a partnership at Bain & Company. The appointment is part of S&P Global's leadership transition, with Cheung assuming her role as President and CEO on November 1, 2024.
State Street (NYSE: STT) has released its third-quarter 2024 financial results. The company has made available a news release, presentation, and additional financial information on its Investor Relations website. A conference call to discuss the financial results, outlook, and related matters is scheduled for 12:00 p.m. ET on Tuesday, October 15, 2024. The call is open to the public and can be accessed via the company's Investor Relations website or by phone at (+1) 800 717 1738 (Conference ID #26547). A replay of the call will be available on the website and by phone at (+1) 888 660 6264 (Playback Passcode: 26547#) for approximately one month following the conference.
State Street (NYSE: STT) has announced that Eric Aboaf, vice chairman and chief financial officer (CFO), will be leaving the company in February 2025 to pursue a new opportunity outside of banking. State Street has initiated a formal internal and external search process for Aboaf's successor. Aboaf will remain with the company until February to ensure a smooth transition.
Ron O'Hanley, chairman and CEO of State Street, praised Aboaf's eight-year tenure, highlighting his contributions to the company's financial and business performance, strengthening of the finance function, and role in developing the strategic growth plan. Aboaf expressed gratitude for his time at State Street and confidence in the company's future success.
State Street (NYSE: STT) has announced its strategic expansion into Mexico as part of its broader growth strategy for Latin America. The company has appointed Maria Ximena Vasquez Barbosa as Regional Sales Head Latin America & Caribbean to lead this expansion. Based in Mexico City, Maria Ximena will report to Oliver Berger, executive vice president and head of Emerging Growth Markets for State Street.
This move builds on State Street's existing operations in Colombia, Chile, and Peru, reflecting its commitment to serving the region's expanding financial markets. Maria Ximena brings over 20 years of experience in securities services, having previously worked for Citibank and Santander. She has been recognized as an industry leader for her collaboration with regulators and market participants in Colombia, Chile, and Peru.
Charles River Development, a State Street Company, announced that Operadora de Fondos Banorte, one of Mexico's largest mutual fund companies, has gone live on Charles River's cloud-based Investment Management Solution (IMS). Banorte will use the platform to modernize their front, middle, and back-office operations and streamline management of domestic and international equity, fixed income, and multi-asset portfolios.
The Charles River IMS offers automated workflows and straight-through processing for portfolio construction, performance attribution, order management, and compliance. It provides a global, multi-asset view of cash and positions in real-time, enhancing decision-making and operational efficiency. Alejandro Aguilar Ceballos, CEO of Operadora de Fondos Banorte, cited the need to manage complex global multi-asset portfolios and deliver innovative products as key drivers for adopting the platform.
State Street (NYSE: STT) and TCW have expanded their long-standing partnership to include middle office services. This builds on State Street's existing administrative and custody services for TCW's public and private fund complexes, as well as capital for TCW's alternatives platform. TCW will utilize State Street's Alpha services to integrate with its front-end platform, unifying the investment management process.
The partnership aims to enhance TCW's operational efficiency and scalability while maximizing technology investments. It also supports TCW's strategic growth initiatives, particularly in credit alternatives, which has seen a doubling of assets over the past four years. Both companies expressed enthusiasm about the expanded collaboration, emphasizing its alignment with TCW's commitment to innovation and operational excellence.
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