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State Street’s second quarter profit boosted by higher fees
STATE Street yesterday announced an operating profit increase of five per cent in the second quarter, fuelled by strong growth in its investment management and servicing business.
The US asset management and custody firm said earnings climbed to $464m (£303.5m) from $441m a year earlier while earnings per share rose to 93 cents from 89 cents.
Servicing fees climbed 20 per cent to $957m, while management fees rose 12 per cent to $217m.
On an operating basis, total revenue increased six per cent to $2.16bn.
Assets under management climbed 14.5 per cent from a year earlier to $1.78 trillion but were down from $1.9 trillion in the first quarter.
Assets under administration and custody stood at $19 trillion at the end of the second quarter.