State Street Corporation

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State Street Logo.jpg
Founded 1792; incorporated in 1969
Headquarters Boston, MA
Key People Joseph (Jay) Hooley, Chairman, President and CEO
Employees 29,660
Products Financial Services
Website State Street Home

State Street Corp. is a global financial services company founded in 1792 (and incorporated in 1969), based in Boston, Massachusetts. State Street is the holding company for its two subsidiaries:

  • State Street Bank and Trust, which provides provides investment banking and investment servicing for mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations, endowments and investment managers; and
  • State Street Global Advisors (SSgA), which offers asset services, such as securities lending, investment research, and ETF management. SSgA invented the exchange traded fund (ETF) vehicle in 1993, and currently manages over 50 ETF products, including its flagship S&P 500, the Standard & Poor's Depositary Receipts, or "SPDR" ETF. [1]
  • State Street Global Markets is the investment research and trading arm of State Street. It offers specialized research, trading, securities lending and portfolio strategies.
  • State Street Global Exchange (SSGX) is the company's trading arm.

As of December 31, 2012, State Street had $24.4 trillion in assets under custody and administration, and $2.1 trillion in assets under management.

On September 13, 2013, State Street's swap execution facility, SwapEx LLC, was granted temporary approval by the CFTC. In December 2014, it decided to withdraw from the swaps clearing business, and announced it would not expand its clearing business in Europe. The company had had some setbacks, including Pimco pulling its futures-clearing business in October 2014.

In March of 2016 State Street announced it would shut down its FCM business, relocating 50 people, and focus on its core businesses.[2]

Key People

References

  1. State Street Corp. Reuters.
  2. State Street to shut FCM business. The Trade Derivatives.