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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 (NYSE: STT) has appointed Joerg Ambrosius as the new President of Investment Services, the company's largest business unit. Ambrosius, with over 30 years of financial services experience, previously served as executive vice president and chief commercial officer. His expanded role, which began in October 2023, includes leadership of Investment Services' client-facing activities and international operations.
The appointment aims to strengthen execution, streamline decision-making, and enhance client service delivery. Mostapha Tahiri will continue as State Street's chief operating officer, focusing on global operations, technology, and transformation initiatives. Both Ambrosius and Tahiri will report directly to Ron O'Hanley, chairman and CEO of State Street.
State Street (NYSE:STT) has announced plans to redeem $500 million of its non-cumulative perpetual preferred stock, Series H, on September 16, 2024. This redemption covers all 5,000 outstanding shares, represented by 500,000 depositary shares. The redemption price is set at $100,000 per share (or $1,000 per depositary share), plus any declared but unpaid dividends up to the redemption date.
Additionally, a cash dividend of $2,036.16 per share ($20.361600 per depositary share) has been declared for the period from June 18, 2024, to the redemption date. This dividend will be paid separately to shareholders of record as of September 3, 2024. After the redemption, no Series H Preferred Stock shares will remain outstanding.
Trovata, a leading bank API-powered platform for cash and liquidity management, has announced an integration with State Street's Fund Connect. This collaboration aims to streamline corporate investing by providing Fund Connect users with API-driven liquidity intelligence. The integration allows finance and corporate treasury teams to determine liquidity needs and invest excess cash through Fund Connect, all within the Trovata platform.
The partnership combines Trovata's real-time reporting and forecasting capabilities with Fund Connect's access to over 25 leading fund managers. This integration offers a unified experience for operational and investment oversight, enabling companies to maximize interest income more efficiently. The solution addresses the historical challenges of manual cash position analysis and disparate investment processes, offering a modern, seamless approach to corporate investing.
State Street (NYSE: STT) has successfully issued $850 million of depositary shares, each representing a 1/100th ownership interest in a share of its 6.700% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series J. The offering, which closed today, aligns with State Street's ongoing inclusion, diversity, and equity efforts, featuring veteran-owned and minority-owned investment banks as co-managers.
Key details of the Series J Preferred Stock include:
- Quarterly dividend payments starting December 15, 2024
- Fixed rate of 6.700% per annum until September 15, 2029
- Five-year reset periods thereafter based on U.S. Treasury rate plus 2.628% spread
- Redemption options available from September 15, 2029, subject to regulatory approval
State Street Global Advisors' 2024 ETF Impact Survey reveals strong ETF adoption among financial advisors and institutions, with 70% of advisors frequently recommending ETFs and 67% of institutions using them in investment strategies. Individual investor adoption is growing, reaching 45%, up from 40% in 2022. The survey highlights a knowledge gap among non-ETF investors, with many finding ETF tax efficiency and pricing difficult to understand.
Institutions (57%) and advisors (55%) are more bullish on 2024 S&P 500 returns compared to individual investors (44%). Despite mixed market outlooks, 84% of individual investors are optimistic about their financial futures. Top reasons for ETF use include diversification, cost efficiency, and liquidity management. The survey underscores the need for continued investor education to close the ETF knowledge gap.
State Street (NYSE: STT) has announced a 10% increase in its quarterly cash dividend to $0.76 per share of common stock, payable on October 11, 2024. The company also declared dividends on its non-cumulative perpetual preferred stock series G, H, and I. For Series G, the dividend is $1,337.50 per share (approximately $0.334375 per depositary share). Series H will receive $2,036.16 per share ($20.361600 per depositary share), while Series I will get $1,675.00 per share ($16.750000 per depositary share). All preferred stock dividends are payable on September 16, 2024, to holders of record as of September 3, 2024.
State Street (NYSE: STT) has released its second-quarter 2024 financial results. The company has made the news release, presentation, and additional financial information available on its Investor Relations website. A conference call to discuss the financial results, outlook, and related matters is scheduled for 11:00 a.m. ET on Tuesday, July 16, 2024. The call will be accessible to the public via audio webcast on the company's website and by telephone. Following the conference call, a replay will be available on the website and by phone for approximately one month.
State Street (NYSE: STT) has been selected to provide fund accounting, fund administration, and investor servicing for Galapagos Global Capital Management, the U.S.-based hedge fund manager of Brazilian-founded Galapagos Capital.
This mandate covers services for Galápagos Macro Master LP and Galápagos Macro Cayman State Street aims to leverage its global infrastructure and capabilities to enhance Galapagos Capital's investment operations, address market complexities, and support sustainable growth.
Key executives from both firms expressed their satisfaction with the partnership, highlighting the alignment of their strategic objectives.
State Street (NYSE: STT) announced plans to increase its quarterly dividend by 10% to $0.76 per share, pending board approval in Q3 2024. This marks another step in delivering value to shareholders. Additionally, the company completed the Federal Reserve's 2024 Comprehensive Capital Analysis and Review (CCAR) stress test, with a calculated Stress Capital Buffer (SCB) well below the 2.5% minimum, maintaining its common equity tier 1 (CET1) ratio at 8%. The Federal Reserve will finalize the SCB by August 31, 2024, effective from October 1, 2024, to September 30, 2025. The results affirm State Street's financial resilience under adverse conditions. The company also retains authorization for its ongoing share repurchase program.
State Street Global Advisors (NYSE: STT) and Galaxy Asset Management have announced a partnership to offer new digital asset investment strategies. This collaboration aims to provide investors with exposure to the $2.4 trillion digital asset ecosystem, extending beyond cryptocurrencies like Bitcoin. The joint effort will leverage the expertise of both firms to create innovative ETFs and educate investors on integrating digital assets into diversified portfolios. State Street Bank and Trust will handle administrative and accounting services for the new ETFs.
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