State Street Corporation

The American State Street Corporation is a financial holding company, listed on the New York Stock Exchange. The structure was created back in 1792. Its original headquarters are located in Boston, in the financial District at 1 Lincoln Str. The company has branches in 27 countries, with offices in various international destinations like Frankfurt, Zurich, Vienna, Paris, London, Edinburgh, Amsterdam, Honk Kong, Beijing, Dublin, Luxembourg, Sydney, Singapore, Taipei, LA, New York, Munich, Cologne, etc. The management claims that this omnipresence guarantees a variability of investment strategies, corresponding to the opportunities and the individual plans of the investors. The activities of the company are centered on investment management and assisting institutional investors, such as mutual and collective investment funds, corporate and public pension funds, and non-profit groups. The company offers shareholder services, foreign exchange, accounting, cash management, daily pricing, custody, lending, leasing, outsourcing, performance risk and compliance analysis, equity and fixed-income tactics, securities finance, deposit, and short-term investment facilities. As of 2009, the bank operates $17.9 trillion in custody assets and manages $1.7 trillion. It has been the largest custodian in the world since the purchase of Investors Bank &Trust in 2007. The chief competitors for State Street are Bank of New York Mellon, Citigroup, and Northern Trust.

In 2002, State Street, by acquiring Deutsche Bank’s securities services division, became the largest securities services provider, leaving JP Morgan Chase and The Bank of New York behind. The body is also the leading servicer of pension plans for the US, the leader in investment management of tax-exempt assets, second in assets under management worldwide. The company has been engaged in projects which benefit the preservation of the environment. The structure developed a related management system to its European operations. It has reported on the environmental problems in both, Europe and North America in its regular Corporate Social Responsibility report. The data has been independently checked by a third firm, which ha made State Street the first American financial establishment to endorse a longer procedure.

Recently, the company has been involved in legal entanglements, related to an accusation of overcharging two pension funds for foreign exchange operations, which cost them over $50 million. On November 13th, 2009 McCain Foods Limited pension plans chose the institution to offer accounting, custody and investment analysis services, mainly for its experience, advanced technology, and excellent customer service. McCain Foods Limited operates CAD $300 million worth of assets.

Commercial Banks Guide > State Street Corporation