State Street has strong Q2 earnings 23 July 2014Boston Reporter: Catherine Van de Stouwe
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State Street has reported a “solid” Q2 for 2014 with asset servicing and asset management revenue up 7 percent from Q2 2013.
The revenue for its assets sector totalled at $2.68 billion, with new business wins for asset servicing coming in at $250 billion and $18 billion in net for new assets to be managed.
Joseph L. Hooley, chairman of State Street said: “We are pleased with our solid Q2 revenue growth driven by stronger global and equity markets, net new business and the seasonal benefit from securities finance activity.”
"We continue to see strong demand for our products and services as evidenced by our second quarter new business wins which were $250 billion in asset servicing and $18 billion in net new assets to be managed. We also have a robust and well-diversified new business pipeline."
"Despite our solid performance, we remain cautious about the overall environment given the continued low levels of interest rates and volatility, and the on going pressure of regulatory compliance costs."
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