State Street Corporation, or just simply State Street is a U.S. based financial services holding company. State Street was founded in 1792, and is headquartered in the Financial District area of Boston at One Lincoln Street. State Street has offices in major financial centers throughout the world.
State Street's Corporate Headquarters located in Boston, Massachusetts.
State Street Bank and Trust Company, a custodian bank, and its sister company State Street Global Advisors (SSgA), which is a leading registered investment advisor, together comprise the principal operating companies within parent company State Street Corporation. State Street Bank provides securities services to institutional investors as a custodian bank and SSgA provides investment management services to mutual funds and other asset managers. State Street customers include mutual funds and their advisers, collective investment funds, corporate and public pension funds, insurance companies, operating companies and non-profit organizations.
State Street presence complete range of financial services with 2,800 employees in eight cities throughout Asia Pacific with headquarters located in Hong Kong.
State Street Corporation is a bank holding company conducting business principally through its subsidiary State Street Bank and Trust Co. Descended from one of the first banks in the United States--the Union Bank, which was founded in 1792--State Street is now the nation's largest custodian and trustee for mutual funds and pension funds, with $6.2 trillion under custody and $763 billion under management, as well as the sixth largest investment manager and the largest financial services specialist globally.
Since the 1970s, State Street has become one of American banking's great success stories. Beginning in that period, through a strategy of aggressive diversification and the use of the most advanced technologies, State Street rapidly evolved from a traditional, gentlemanly, old-line Massachusetts financial institution into a global banking powerhouse.
State Street Corporation is a financial holding company. The Company through its subsidiaries, including its subsidiary State Street Bank and Trust Company, it provides a range of financial products and services to institutional investors worldwide. It has two lines of business: Investment Servicing and Investment Management. These two lines of business provide services to support institutional investors, including custody, administration, shareholder services, foreign exchange, brokerage and other trading services, deposit and short-term investment facilities, loan and lease financing, investment manager and alternative investment manager operations outsourcing, investment research and investment management, including passive and active United States and non-United States equity and fixed-income strategies. It acquired Mourant International Finance Administration, Intesa Sanpaolo and Bank of Ireland Asset Management on April 1, 2010, May 17, 2010 and January 10, 2011, respectively.
The Company’s clients include mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations, endowments and investment managers. Including the United States, it operates in 26 countries and more than 100 geographic markets worldwide. State Street Bank is a member of the Federal Reserve System and the Federal Deposit Insurance Corporation (FDIC) and is subject to applicable federal and state banking laws and to supervision and examination by the Federal Reserve, as well as by the Massachusetts Commissioner of Banks, FDIC, and the regulatory authorities of those states and countries, in which a branch of State Street Bank is located.
Through the State Street Global Advisors (SSgA), the Company offers a range of range of investment management strategies, specialized investment management advisory services and other financial services for corporations, public funds, and other sophisticated investors. SSgA offers a range of investment management strategies, including passive and active, such as enhanced indexing and hedge fund strategies, using quantitative and fundamental methods for both United States and global equities and fixed-income securities. SSgA also offers exchange traded funds (ETFs), such as the SPDR ETF brand. The Company offers a range of exchange services under an account model that focuses on the global requirements of its clients of its research and the execution of trades in any time zone. It also offers a range of brokerage and other trading products tailored specifically to meet the needs of the global pension community, including transition management, commission recapture and self-directed brokerage. The securities finance business consists of two components: investment funds with a range of investment objectives, which are managed by SSgA and engage in agency securities lending, which the Company refers to as the SSgA lending funds; and an agency lending program for third-party investment managers and asset owners, which it refers to as the agency lending funds. The securities finance business provides liquidity to the financial markets and a means for clients to earn revenue on their securities portfolios. By acting as a lending agent and coordinating loans between lenders and borrowers, it lends securities and provides liquidity to clients worldwide.
In December 1996, in an interview with American Banker, State Street CFO Ronald O'Kelley discussed the bank's long-term expectations: First, that an aging population would result in growth among privately managed investment funds; second, that relatively few banks worldwide would invest in expensive technology of their own, preferring instead to employ specialists in securities processing and custody-related services; and third, that U.S. institutional investors and pensions were increasingly looking to foreign investments, as international capital markets grew. Consequently, the company's goals were to provide advanced services not generally offered by competitors, and to continue expanding outside the United States.
A few months after this, as assets under custody passed $3 trillion, State Street changed its name from the previous State Street Boston Corporation to simply State Street Corporation. The distinctive clipper ship logo also was redesigned.
As the end of the century approached, State Street continued to produce impressive growth and innovation. The latter included the introduction of a system designed to automate the execution of fixed income trading in the U.S. Treasury, corporate, mortgage-backed, and asset-backed bond markets--a process that had remained tenaciously manual in the past. State Street's assets under custody grew to $6 trillion, and assets under management to $600 billion. State Street also divested itself of its retail and commercial banking business, selling these to Citizen's Bank, of Providence, Rhode Island; henceforth, there would be no distractions from the company's principal focus.
Since the dawn of the 21st century, David A. Spina had taken over as chairman and CEO from Marshall Carter. In 2003, State Street completed the acquisition of a substantial portion of Deutsche Bank's Global Securities Services, seemingly showing no change in the pattern of steady growth and financial performance.
Principal Subsidiaries: State Street Bank & Trust Co.; Princeton Financial Systems, Inc.
Principal Competitors: The Bank of New York Company, Inc.; Citigroup Inc.; Mellon Financial Corporation.
OVERALL
Beta: 1.31
Market Cap (Mil.): $23,447.88
Shares Outstanding (Mil.): 504.04
Annual Dividend: 0.72
Yield (%): 1.55
FINANCIALS
STT Industry Sector
P/E (TTM): 15.32 67.63 25.82
EPS (TTM): -11.75 -- --
ROI: -- 3.61 4.81
ROE: 8.88 4.29 9.55
Statistics:
Public Company
Incorporated: 1792 as Union Bank
Employees: 19,753
Total Assets: $85.79 billion (2002)
Stock Exchanges: New York
Ticker Symbol: STT
NAIC: 523920 Portfolio Management; 522110 Commercial Banking; 551111 Offices of Bank Holding Companies
Key Dates:
1792: Union Bank becomes the third bank chartered in Boston.
1865: Union Bank receives a national charter; the bank is renamed National Union Bank of Boston.
1891: State Street Deposit & Trust Company is chartered in Boston.
1897: State Street's name is shortened to State Street Trust Company.
1924: State Street Trust becomes custodian of the nation's first mutual fund.
1925: National Union Bank and State Street merge.
1955: State Street merges with Second National Bank.
1960: State Street incorporates as State Street Boston Financial Corp., a one-bank holding company.
1961: State Street merges with Rockland-Atlas National Bank.
1964: A State Street office is opened in New York.
1972: State Street becomes international, opening an office in Munich.
1975: State Street begins changing its focus from commercial banking to investments, trusts, and securities processing.
1977: State Street becomes State Street Boston Corporation.
1991: State Street Boston is ranked as the 37th largest holding company in the United States.
1997: Company adopts the name State Street Corporation.
2003: State Street completes the acquisition of a substantial portion of Deutsche Bank's Global Securities Services.
Name Age Since Current Position
Joseph Hooley 54 2011 Chairman of the Board, President, Chief Executive Officer
Joseph Antonellis 56 2007 Vice Chairman
Edward Resch 58 2008 Chief Financial Officer, Executive Vice President
Scott Powers 51 2008 President, Chief Executive Officer of State Street Global Advisors
James Malerba 56 2010 Executive Vice President, Chief Accounting Officer, Corporate Controller
David O'Leary 64 2010 Executive Vice President, Chief Administrative Officer
Andrew Kuritzkes 50 2010 Executive Vice President, Chief Risk Officer
David Phelan 53 2006 Executive Vice President, General Counsel, Assistant Secretary
Jeffrey Carp 54 2010 Executive Vice President, Chief Legal Officer, Secretary
James Phalen 60 2010 Executive Vice President, Head - Global Operations, Technology and Product Development
David Puth 54 2008 EVP, Head - State Street’s Securities Finance, Global Markets & Investment Research Businesses
John Klinck 47 2010 Executive Vice President, Global Head - Corporate Development and Global Relationship Management
Alison Quirk 48 2010 Executive Vice President, Head - Global Human Resources
Michael Rogers 53 2010 Executive Vice President, Head - Global Services
Kennett Burnes 68 2010 Lead Independent Director
Amelia Fawcett 54 2006 Director
David Gruber 69 1997 Independent Director
Charles LaMantia 71 1993 Independent Director
Robert Weissman 70 1989 Independent Director
Richard Sergel 61 1999 Independent Director
Linda Hill 54 2000 Independent Director
Gregory Summe 54 2010 Independent Director
Ronald Skates 69 2002 Independent Director
Peter Coym 69 2006 Independent Director
Robert Kaplan 53 2009 Independent Director
Patrick de Saint-Aignan 62 2009 Independent Director
Address:
225 Franklin Street
Boston, Massachusetts 02110
U.S.A.
State Street's Corporate Headquarters located in Boston, Massachusetts.
State Street Bank and Trust Company, a custodian bank, and its sister company State Street Global Advisors (SSgA), which is a leading registered investment advisor, together comprise the principal operating companies within parent company State Street Corporation. State Street Bank provides securities services to institutional investors as a custodian bank and SSgA provides investment management services to mutual funds and other asset managers. State Street customers include mutual funds and their advisers, collective investment funds, corporate and public pension funds, insurance companies, operating companies and non-profit organizations.
State Street presence complete range of financial services with 2,800 employees in eight cities throughout Asia Pacific with headquarters located in Hong Kong.
State Street Corporation is a bank holding company conducting business principally through its subsidiary State Street Bank and Trust Co. Descended from one of the first banks in the United States--the Union Bank, which was founded in 1792--State Street is now the nation's largest custodian and trustee for mutual funds and pension funds, with $6.2 trillion under custody and $763 billion under management, as well as the sixth largest investment manager and the largest financial services specialist globally.
Since the 1970s, State Street has become one of American banking's great success stories. Beginning in that period, through a strategy of aggressive diversification and the use of the most advanced technologies, State Street rapidly evolved from a traditional, gentlemanly, old-line Massachusetts financial institution into a global banking powerhouse.
State Street Corporation is a financial holding company. The Company through its subsidiaries, including its subsidiary State Street Bank and Trust Company, it provides a range of financial products and services to institutional investors worldwide. It has two lines of business: Investment Servicing and Investment Management. These two lines of business provide services to support institutional investors, including custody, administration, shareholder services, foreign exchange, brokerage and other trading services, deposit and short-term investment facilities, loan and lease financing, investment manager and alternative investment manager operations outsourcing, investment research and investment management, including passive and active United States and non-United States equity and fixed-income strategies. It acquired Mourant International Finance Administration, Intesa Sanpaolo and Bank of Ireland Asset Management on April 1, 2010, May 17, 2010 and January 10, 2011, respectively.
The Company’s clients include mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations, endowments and investment managers. Including the United States, it operates in 26 countries and more than 100 geographic markets worldwide. State Street Bank is a member of the Federal Reserve System and the Federal Deposit Insurance Corporation (FDIC) and is subject to applicable federal and state banking laws and to supervision and examination by the Federal Reserve, as well as by the Massachusetts Commissioner of Banks, FDIC, and the regulatory authorities of those states and countries, in which a branch of State Street Bank is located.
Through the State Street Global Advisors (SSgA), the Company offers a range of range of investment management strategies, specialized investment management advisory services and other financial services for corporations, public funds, and other sophisticated investors. SSgA offers a range of investment management strategies, including passive and active, such as enhanced indexing and hedge fund strategies, using quantitative and fundamental methods for both United States and global equities and fixed-income securities. SSgA also offers exchange traded funds (ETFs), such as the SPDR ETF brand. The Company offers a range of exchange services under an account model that focuses on the global requirements of its clients of its research and the execution of trades in any time zone. It also offers a range of brokerage and other trading products tailored specifically to meet the needs of the global pension community, including transition management, commission recapture and self-directed brokerage. The securities finance business consists of two components: investment funds with a range of investment objectives, which are managed by SSgA and engage in agency securities lending, which the Company refers to as the SSgA lending funds; and an agency lending program for third-party investment managers and asset owners, which it refers to as the agency lending funds. The securities finance business provides liquidity to the financial markets and a means for clients to earn revenue on their securities portfolios. By acting as a lending agent and coordinating loans between lenders and borrowers, it lends securities and provides liquidity to clients worldwide.
In December 1996, in an interview with American Banker, State Street CFO Ronald O'Kelley discussed the bank's long-term expectations: First, that an aging population would result in growth among privately managed investment funds; second, that relatively few banks worldwide would invest in expensive technology of their own, preferring instead to employ specialists in securities processing and custody-related services; and third, that U.S. institutional investors and pensions were increasingly looking to foreign investments, as international capital markets grew. Consequently, the company's goals were to provide advanced services not generally offered by competitors, and to continue expanding outside the United States.
A few months after this, as assets under custody passed $3 trillion, State Street changed its name from the previous State Street Boston Corporation to simply State Street Corporation. The distinctive clipper ship logo also was redesigned.
As the end of the century approached, State Street continued to produce impressive growth and innovation. The latter included the introduction of a system designed to automate the execution of fixed income trading in the U.S. Treasury, corporate, mortgage-backed, and asset-backed bond markets--a process that had remained tenaciously manual in the past. State Street's assets under custody grew to $6 trillion, and assets under management to $600 billion. State Street also divested itself of its retail and commercial banking business, selling these to Citizen's Bank, of Providence, Rhode Island; henceforth, there would be no distractions from the company's principal focus.
Since the dawn of the 21st century, David A. Spina had taken over as chairman and CEO from Marshall Carter. In 2003, State Street completed the acquisition of a substantial portion of Deutsche Bank's Global Securities Services, seemingly showing no change in the pattern of steady growth and financial performance.
Principal Subsidiaries: State Street Bank & Trust Co.; Princeton Financial Systems, Inc.
Principal Competitors: The Bank of New York Company, Inc.; Citigroup Inc.; Mellon Financial Corporation.
OVERALL
Beta: 1.31
Market Cap (Mil.): $23,447.88
Shares Outstanding (Mil.): 504.04
Annual Dividend: 0.72
Yield (%): 1.55
FINANCIALS
STT Industry Sector
P/E (TTM): 15.32 67.63 25.82
EPS (TTM): -11.75 -- --
ROI: -- 3.61 4.81
ROE: 8.88 4.29 9.55
Statistics:
Public Company
Incorporated: 1792 as Union Bank
Employees: 19,753
Total Assets: $85.79 billion (2002)
Stock Exchanges: New York
Ticker Symbol: STT
NAIC: 523920 Portfolio Management; 522110 Commercial Banking; 551111 Offices of Bank Holding Companies
Key Dates:
1792: Union Bank becomes the third bank chartered in Boston.
1865: Union Bank receives a national charter; the bank is renamed National Union Bank of Boston.
1891: State Street Deposit & Trust Company is chartered in Boston.
1897: State Street's name is shortened to State Street Trust Company.
1924: State Street Trust becomes custodian of the nation's first mutual fund.
1925: National Union Bank and State Street merge.
1955: State Street merges with Second National Bank.
1960: State Street incorporates as State Street Boston Financial Corp., a one-bank holding company.
1961: State Street merges with Rockland-Atlas National Bank.
1964: A State Street office is opened in New York.
1972: State Street becomes international, opening an office in Munich.
1975: State Street begins changing its focus from commercial banking to investments, trusts, and securities processing.
1977: State Street becomes State Street Boston Corporation.
1991: State Street Boston is ranked as the 37th largest holding company in the United States.
1997: Company adopts the name State Street Corporation.
2003: State Street completes the acquisition of a substantial portion of Deutsche Bank's Global Securities Services.
Name Age Since Current Position
Joseph Hooley 54 2011 Chairman of the Board, President, Chief Executive Officer
Joseph Antonellis 56 2007 Vice Chairman
Edward Resch 58 2008 Chief Financial Officer, Executive Vice President
Scott Powers 51 2008 President, Chief Executive Officer of State Street Global Advisors
James Malerba 56 2010 Executive Vice President, Chief Accounting Officer, Corporate Controller
David O'Leary 64 2010 Executive Vice President, Chief Administrative Officer
Andrew Kuritzkes 50 2010 Executive Vice President, Chief Risk Officer
David Phelan 53 2006 Executive Vice President, General Counsel, Assistant Secretary
Jeffrey Carp 54 2010 Executive Vice President, Chief Legal Officer, Secretary
James Phalen 60 2010 Executive Vice President, Head - Global Operations, Technology and Product Development
David Puth 54 2008 EVP, Head - State Street’s Securities Finance, Global Markets & Investment Research Businesses
John Klinck 47 2010 Executive Vice President, Global Head - Corporate Development and Global Relationship Management
Alison Quirk 48 2010 Executive Vice President, Head - Global Human Resources
Michael Rogers 53 2010 Executive Vice President, Head - Global Services
Kennett Burnes 68 2010 Lead Independent Director
Amelia Fawcett 54 2006 Director
David Gruber 69 1997 Independent Director
Charles LaMantia 71 1993 Independent Director
Robert Weissman 70 1989 Independent Director
Richard Sergel 61 1999 Independent Director
Linda Hill 54 2000 Independent Director
Gregory Summe 54 2010 Independent Director
Ronald Skates 69 2002 Independent Director
Peter Coym 69 2006 Independent Director
Robert Kaplan 53 2009 Independent Director
Patrick de Saint-Aignan 62 2009 Independent Director
Address:
225 Franklin Street
Boston, Massachusetts 02110
U.S.A.