State Street reports boost in asset servicing 26 January 2015Boston Reporter: Stephanie Palmer
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State Street secured new asset servicing commitments of $1.1 billion in 2014, including $400 million in Q4.
Releasing its figures for Q4 2014 and for the full year, State Street also revealed a successful year for assets under management, with new assets managed totalling $7 billion in Q4 and $28 billion over the full year.
In Q4 2014, the figure for earnings per common share was $1.24, a drop from $1.26 in Q3 2014, but an increase on Q4 2013, which was $1.22.
State Street also saw an increase in revenue, reaching $2.63 billion in Q4 2014, an increase from $2.58 billion in Q3 2014, and from $2.46 billion in Q4 2013.
Chairman and CEO Joseph Hooley said: "Our fourth-quarter and full-year 2014 results reflect strength across our asset servicing and asset management businesses.”
He added: "We are pleased we completed our Business Operations and Information Technology Transformation program at the end of 2014 as planned and I want to acknowledge the efforts of the entire State Street team for helping us complete this important initiative.”
“Managing expenses and continuing to drive efficiencies remain ongoing priorities, despite continued pressure from regulatory costs."
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