State Street sees asset servicing business growth 24 January 2018Boston Reporter: Zsuzsa Szabo
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Assets under custody and administration (AUCA) at State Street increased by 15 percent in Q4 2017 compared to 4Q 2016.
AUCA reached $ 33.12 trillion in Q4 2017, surpassing Q3 2017’s $ 32.11 trillion and Q4 2016’s 28.77 trillion.
As for securities finance revenue, State Street earned of $147 million in Q4 2017 compared to $136 during the same period in 2016.
The securities finance revenue of the Boston-based bank increased from 4Q 2016 by 8 percent, thanks to a boost at the bank in enhanced custody.
Compared to 3Q17, securities finance revenue was flat.
Joseph Hooley, chairman and CEO of State Street, said: “Our full-year 2017 results reflect strength across our asset servicing and asset management businesses, with record levels of assets under custody and administration and assets under management, and importantly, achievement of our 2017 financial objectives.”
“We also made significant progress with our Beacon program, achieving benefits for our clients while also realizing $150 million in savings.”
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