Historical data
State Street Bank and Trust Company was the tenth largest bank at the end of 2008 as an individual bank (not including subsidiaries). [6]
Asset & liability
Asset/Liability ratio
Net income
| Company type | Subsidiary |
|---|---|
| Industry | Securities services |
| Headquarters | One Congress Street Boston, Massachusetts, U.S. |
| AUM | US$36.74 trillion [1] (2022) |
| Parent | State Street Corporation |
| Subsidiaries | State Street Global Advisors Trust Company |
State Street Bank and Trust Company (SSBT), commonly known as State Street Global Services, is a subsidiary of State Street Corporation organized as a trust company based in Massachusetts. The company is the largest custodian bank in the world and specializes in providing institutional investors, such as mutual funds, with clearing, settlement and payment services.
SSBT used to provide retail banking and commercial lending products until it sold off the division in 1999 to Citizens Financial Group, of Providence, Rhode Island. The retail banking and commercial lending units were sold for $350 million. [2]
SSBT is the largest custodian bank in the world [3] [4] with US$36.74 trillion of assets under custody and administration as of the end of 2022 [update] . [1] The company provides securities services such as clearing, settlement and payment services to entities such as institutional investors. [1] Other services provided include custody, accounting, financial reporting, investor services, analytics, transaction management, recordkeeping, brokerage, and loans financing. [1]
SSBT is the parent company of State Street Global Advisors Trust Company, the operating company of State Street Global Advisors (SSGA), a leading registered investment advisor. [1] The State Street Global Advisors Trust Company serves as an trustee for SSGA's US unregistered collective and common trust funds, some SSGA sponsored ETFs including the SPDR S&P 500 ETF Trust, and separately managed accounts. [1] As a whole, SSBT is the principal operating company within its parent company State Street Corporation. [5]
State Street Bank and Trust Company was the tenth largest bank at the end of 2008 as an individual bank (not including subsidiaries). [6]
State Street Corporation, is an American global financial services and bank holding company headquartered at One Congress Street in Boston with operations worldwide. It is the second-oldest continually operating United States bank; its predecessor, Union Bank, was founded in 1792. State Street is ranked 14th on the list of largest banks in the United States by assets. It is one of the largest asset management companies in the world with US$3.7 trillion under management and US$40.0 trillion under custody and administration in 2023. It is the largest custodian bank in the world, providing securities services and it is considered a systemically important bank by the Financial Stability Board. Along with BlackRock and Vanguard, State Street is considered to be one of the Big Three index fund managers that dominate corporate America.
A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any form of financial instrument, even though the underlying legal and regulatory regime may not have such a broad definition. In some jurisdictions the term specifically excludes financial instruments other than equity and fixed income instruments. In some jurisdictions it includes some instruments that are close to equities and fixed income, e.g., equity warrants.
Mizuho Financial Group, Inc., abbreviated as MHFG, or simply called Mizuho, is a banking holding company headquartered in the Ōtemachi district of Chiyoda, Tokyo, Japan. The name "mizuho (瑞穂)" literally means "abundant rice" in Japanese and "harvest" in the figurative sense. Upon its founding, it was the largest bank in the world by assets. It is considered a systemically important bank by the Financial Stability Board.
Mellon Financial Corporation was an American investment firm which was once one of the world's largest money management firms. Based in Pittsburgh, Pennsylvania, it was in the business of institutional and high-net-worth individual asset management, including the Dreyfus family of mutual funds, business banking, and shareholder and investor services. On December 4, 2006, it announced a merger agreement with Bank of New York, to form BNY. After regulatory and shareholder approval, the banks completed the merger on July 2, 2007.
Clearstream is a financial services company that specializes in the settlement of securities transactions and is owned by Deutsche Börse AG. It provides settlement and custody as well as other related services for securities across all asset classes. It is one of two European International central securities depositories.
In finance, assets under management (AUM), sometimes called fund under management, measures the total market value of all the financial assets which an individual or financial institution—such as a mutual fund, venture capital firm, or depository institution—or a decentralized network protocol controls, typically on behalf of a client. Funds may be managed for clients, platform users, or solely for themselves, such as in the case of a financial institution which has mutual funds or holds its own venture capital. The definition and formula for calculating AUM may differ from one entity to another.
Dreyfus is an American investment management company that deals with investment products and strategies. It was established in 1951 and is currently headquartered in New York City.
A custodian bank, or simply custodian, is a specialized financial institution responsible for providing securities services. It provides post-trade services and solutions for asset owners, asset managers, banks and broker-dealers. It is not engaged in "traditional" commercial or consumer/retail banking like lending.
Close Brothers Group plc is a UK merchant banking group which provides lending, takes deposits, manages wealth and trades in securities. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
Helaba, short for Landesbank Hessen-Thüringen, is a commercial bank with core regions in Hesse and Thuringia, Germany offering financial services to companies, banks, institutional investors and the public sector, both within Germany and internationally. At the same time, it is the central clearing institution and service provider for 40 percent of German savings banks. Helaba is an institution incorporated under public law. With approximately 6,300 employees and two headquarters in Frankfurt and Erfurt, the bank maintains branches in Düsseldorf and Kassel as well as offices in Berlin, Stuttgart, Munich and Muenster. On an international level, Helaba acts through branches and representative offices in Paris, London, New York, Madrid, Moscow, Shanghai, and Singapore. Frankfurter Sparkasse, the leading retail bank in the Rhine-Main region, is a wholly owned subsidiary of Helaba. The Helaba Group also comprises the online bank 1822direkt, LBS Hessen-Thüringen and WIBank. The latter implements development programmes of the State of Hesse. Further Helaba subsidiaries are Helaba Invest Kapitalanlagegesellschaft, Frankfurter Bankgesellschaft and the OFB Group.
State Street Global Advisors (SSGA) is the investment management division of State Street Corporation founded in 1978 and the world's fourth largest asset manager, with nearly US$4.1 trillion in assets under management as of December 31, 2023. SSGA operates through State Street Global Advisors Trust Company, which is a subsidiary of State Street Bank and Trust Company.
The Bank of New York Mellon Corporation, commonly known as BNY, is an American international financial services company headquartered in New York City. It was formed in July 2007 by the merger of the Bank of New York and Mellon Financial Corporation. Through the lineage of Bank of New York, which was founded in 1784 by a group that included American Founding Father Alexander Hamilton, BNY is regarded as one of the three oldest banks in the United States and among the oldest in the world. It was the first company listed on the New York Stock Exchange. In 2024, it was ranked 130th on the Fortune 500 list of the largest U.S. corporations by total revenue. BNY is considered a systemically important financial institution by the Financial Stability Board.
CIBC Mellon is a joint venture founded in 1996 between the Canadian Imperial Bank of Commerce (CIBC) and then Mellon Financial Corporation to offer asset servicing to institutional investors. Based in Toronto, Ontario, Canada, it comprises two sister companies, CIBC Mellon Trust company and CIBC Mellon Global Securities Services Company.
Amundi is a French asset management company. With €2 trillion of assets under management (AUM) at the end of 2021, it is the largest asset manager in Europe and one of the 10 biggest investment managers in the world.
Insight Investment (Insight) is one of the largest global asset management companies, responsible for £648 billion of assets under management as of 31 December 2023, represented by the value of cash securities and other economic exposure managed for clients. It manages strategies which include fixed income, liability-driven investment (LDI), cash, absolute return and multi-asset. Insight is a subsidiary of BNY, a multinational financial services corporation.
The SPDR S&P 500 ETF Trust is an exchange-traded fund which trades on the NYSE Arca under the symbol SPY. The ETF is designed to track the S&P 500 index by holding a portfolio comprising of all 500 companies on the index. It is a part of the SPDR family of ETFs and is managed by State Street Global Advisors. The fund is the largest and oldest ETF in the USA. Legally, the fund is set up as an unit investment trust. It has a net expense ratio of 0.0945%, its CUSIP is 78462F103, and its ISIN is US78462F1030.
Pirum is a UK-based financial services technology vendor, headquartered in the City of London. Pirum was co-founded in 2000 as a securities lending post trade vendor, specializing initially in the reconciliation of open and pending securities lending trades and billing. Over the years, the product offering has expanding into collateral services and other areas that required automation. Pirum's client base includes over 100 financial institutions including investment banks, asset managers, pension funds, insurance companies and Agent Lenders.
Securities market participants in the United States include corporations and governments issuing securities, persons and corporations buying and selling a security, the broker-dealers and exchanges which facilitate such trading, banks which safe keep assets, and regulators who monitor the markets' activities. Investors buy and sell through broker-dealers and have their assets retained by either their executing broker-dealer, a custodian bank or a prime broker. These transactions take place in the environment of equity and equity options exchanges, regulated by the U.S. Securities and Exchange Commission (SEC), or derivative exchanges, regulated by the Commodity Futures Trading Commission (CFTC). For transactions involving stocks and bonds, transfer agents assure that the ownership in each transaction is properly assigned to and held on behalf of each investor.
BNY Investments is the investment management division of BNY. It is one of the largest asset managers in the world.
{{cite magazine}}: Cite magazine requires |magazine= (help)State Street leapfrogs BNY Mellon as world's largest custodian. BNY Mellon .. previously held the rank as the largest global ..
| International | |
|---|---|
| National | |
