State Street reports 9 percent rise in fees

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State Street reports 9 percent rise in fees
27 October 2014 London
Reporter: Stephanie Palmer

Image: Shutterstock

State Street saw a 9 percent jump in asset servicing and management fees in Q3 2014, compared to the same period in 2013.

Asset servicing fees were $1.3 billion in Q3 2014, a 1.1 percent increase on Q2 2014, and a 7.5 percent improvement on Q3 2013.

Asset management fees were $316 million, 5.3 percent better than Q2 2014, and 14.5 percent higher than Q3 2013.

State Street attributed the improvements to a stronger global equity market and new net business, as well as higher performance fees.

Assets under custody and administration were reported to have a value of almost $28.5 billion.

This is 0.2 percent more than the $28.4 billion reported in Q2 2014, and 9.3 percent higher that the Q3 2013 figure of just over $26 billion.

According to State Street, its new asset servicing mandates during Q3 2013 totalled $302 billion, while new assets to be managed totalled $3 billion.

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