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.
State Street Global Advisors has announced reductions in the expense ratios for the SPDR Portfolio Mortgage Backed Bond ETF (SPMB) and SPDR Portfolio High Yield Bond ETF (SPHY). Effective March 24, 2021, the new expense ratios will be 0.04% for SPMB and 0.10% for SPHY, making them the lowest cost offerings in their respective categories. This follows a strategy to enhance the value of their low-cost SPDR Portfolio ETFs, which have attracted over $65 billion in asset flows since launch.
Charles River Development, part of State Street, announced that the first 10 clients have successfully adopted its cloud-based investment management solution, Charles River IMS, on Microsoft Azure. This milestone follows one year after the initial launch and signifies a shift towards innovation and enhanced operational capabilities. BMO Global Asset Management praised the platform for its scalability and ability to support high volumes of activity. The ongoing collaboration with Microsoft emphasizes a commitment to security and performance, with plans for approximately 40 additional customer deployments in the near future.
State Street Corporation (NYSE: STT) has appointed Ann Fogarty as executive vice president and deputy head of Global Delivery. Fogarty, previously part of BNY Mellon, will oversee the company’s custody, middle office, transfer agency, and client service operations. Reporting to Liz Nolan, she will also serve on State Street’s Management Committee. With extensive experience in global operations and fund structures, Fogarty aims to enhance operational scalability and service quality for clients, continuing State Street’s tradition of excellence.
State Street Corporation (NYSE: STT) will announce its first-quarter 2021 financial results on April 16, 2021, at 7:30 a.m. EDT. A webcast and teleconference will follow at 10:00 a.m. EDT. The call will be accessible via State Street’s Investor Relations website or by phone. As of December 31, 2020, the company had $38.8 trillion in assets under custody and/or administration and $3.5 trillion in assets under management, indicating significant scale in the financial services sector.
State Street Corporation (NYSE: STT) has announced that its Fund Connect ETF platform will now support all ETF issuers, expanding its reach beyond just those using State Street's services. This pivotal change enhances connectivity between Authorized Participants and issuers, promoting efficiency and reduced operational risk. The platform currently covers 37 issuers, 830 ETFs, and has managed over $2.5 trillion in notional volume in 2020. With a new office opening in Hong Kong, Fund Connect ETF aims to strengthen its global presence.
State Street Corporation (NYSE:STT) has announced the immediate election of Julio Portalatin and John Rhea to its Board of Directors. Portalatin, former CEO of Mercer, brings extensive experience in client financial security and strategic growth in global markets. Rhea, partner at Centerview Partners and founder of RHEAL Capital Management, has a strong background in investment banking and public housing. The chairman praised their understanding of industry challenges and innovative solutions, signaling a commitment to enhancing risk management and corporate strategy.
State Street Corporation (NYSE:STT) has successfully issued $850 million in senior subordinated bonds, featuring a coupon rate of 2.20%. This offering, which closed yesterday, was notable for its diverse underwriting syndicate, predominantly composed of Black- and Latinx-Owned Business Enterprises. The deal was oversubscribed with a final order book 2.6 times larger than expected, allowing State Street to tighten pricing by 27 basis points. This endeavor highlights the company's commitment to increasing representation in financial services and broadening its financing partnerships.
State Street Corporation (NYSE: STT) has launched a new Peer-to-Peer Repo program aimed at the buy-side market, enhancing financing costs and yield opportunities across various collateral types. This program guarantees payment obligations for cash borrowers, promoting safer bilateral trading. Designed in collaboration with clients, it engages diverse participants like pension plans and hedge funds, aligning with evolving market needs. State Street intends to broaden the program's capabilities with increased asset and collateral flexibility, solidifying its status as a leader in financial services for institutions.
State Street Corporation (NYSE: STT) has been appointed as the fund administrator and transfer agent for the VanEck Bitcoin Trust, a pending bitcoin ETF in the U.S. The Trust aims to reflect the performance of the MVIS® CryptoCompare Bitcoin Benchmark Rate. With a vision to enhance financial and digital asset markets, State Street will provide various services including ETF basket operations and fund accounting. State Street remains a leader in ETF servicing, managing close to 70% of U.S. ETF assets.
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