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INX:STT, Oct 30, 04:12 UTC

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Friday, October 16


News

State Street, Bank of New York Mellon Report Declining Profit

STT BK

Custody banks grow assets, but see revenue and earnings slip. The bank grew its assets under management by 8.5% to $2 trillion.“I... Custodian banks State Street Corp. and Bank of New York Mellon Corp. on Friday posted lower profit in the third quarter, though assets under management rose at both firms. State Street profit was down about 4.8% to $555 million from $583 million. “Though persistent low rates depressed net interest income during the quarter, deposit levels remain strong, allowing us to lend more to our clients and reinvest in our investment portfolio,” said Ron O’Hanley, chairman and chief executive officer, in a release. Even before the pandemic, custodial banks struggled with a low interest rates environment and its impact on interest-earning assets.

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Thursday, September 24


News

State Street Global Advisors Enhances Fixed Income ETF Offering

STT

“With clients concerned about negative rates on the shortest end of the curve, BILS provides an additional ultra-short term Treasury option for fine tuning fixed income portfolios to meet specific yield, duration and risk parameters,” said Noel Archard, Global Head of SPDR Product at State Street Global Advisors. The SPDR® Bloomberg Barclays 3-12 Month T-Bill ETF seeks to track the performance of the Bloomberg Barclays 3-12 Month U.S. Treasury Bill Index, which includes all publicly issued U.S. Treasury Bills that have a remaining maturity of less than 12 months and at least 3 months. As of August 31, 2020, there were approximately 20 securities in the index. "At Bloomberg, we're dedicated to providing index solutions that allow our clients to meet their evolving needs and address the changing global investment landscape," said Steve Berkley, CEO of Bloomberg Index Services Limited (BISL). Recognized as an industry pioneer, State Street created the first US listed ETF in 1993 (SPDR S&P 500® – Ticker SPY) and has remained on the forefront of responsible innovation, as evidenced by the introduction of many ground-breaking products, including first-to-market launches with gold, international real estate, international fixed income, and sector ETFs. For more information, visit www.ssga.com/etfs.

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Thursday, September 17


News

State Street to Service Natixis Semi-Transparent Active ETFs

STT

BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE:STT) today announced that it has been appointed to provide a range of ETF servicing solutions for three Natixis Investment Managers’ active exchange-traded funds (ETFs). “We are pleased to continue expanding our relationship with Natixis Investment Managers to support their innovative advancements in the ETF market; in fact, their launch of EQOP represents the first semi-transparent active ETF issuer to leverage a multi-manager approach,” said Frank Koudelka, global ETF Product Specialist at State Street. State Street will be performing basket creation, NAV dissemination, settlement, custody, financial reporting, fund accounting, order-taking, performance and investment analytics, and transfer agency services for the ETF funds. For this partnership, State Street developed custom automated processes to handle the custody and accounting allocations from the fund’s composite to its sleeves for the multi-manager ETF (EQOP). State Street has consistently supported us in meeting client demand and we look forward to our ongoing partnership,” said Nick Elward, Head of Institutional Product and ETFs in the Strategic Product and Marketing Group at Natixis Investment Managers.

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Tuesday, September 15


News

Financial crime agency fines State Street

STT

Australia's financial crime watchdog has fined an American-owned bank for failing to declare international fund transfers. State Street has been hit with a $1.2 million penalty for not reporting the money movements, which left it exposed to exploitation by organised criminals. AUSTRAC chief executive Nicole Rose said transparency around funds transfers was important to stamp out crimes such as terrorism, child exploitation, drug trafficking and tax evasion. "Because the most sophisticated criminal syndicates operate across national borders, information about international funds transfers can provide a key piece of the puzzle for our law enforcement partners," she said.

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Thursday, August 13


News

State Street Corporation expands Middle East presence with new office in Saudi Arabia

STT

Middle-East - State Street Corporation (NYSE:STT) announced today the opening of its first Saudi Arabia office, State Street Saudi Arabia Financial Solutions Company (State Street Saudi Arabia), located in Riyadh. The firm’s new office in the Kingdom, providing both institutional services and asset management, will strengthen its current service offering for official institutions and institutional investors in the Middle East. Our presence will mean that State Street Saudi Arabia will help organisations navigate an increasingly complex global financial arena.”. State Street Saudi Arabia has also appointed Haifa Al Goufi as Middle East and North Africa (MENA) Chief Compliance Officer and Hassan Al Khalaf as MENA Chief Financial Officer.

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Friday, July 31


News

State Street’s Gold Fund Is ETF Land’s Biggest Cash Machine

STT

State Street’s Gold Fund Is ETF Land’s Biggest Cash Machine. The Boston-based firm’s $78 billion SPDR Gold Shares exchange-traded fund, ticker GLD, is now making more money than any other product in the $4.6 trillion U.S. ETF market. A combination of GLD’s higher fees -- an expense ratio of 0.4% versus 0.095% for SPY -- and an almost relentless demand for the yellow metal have catapulted it from fourth on the revenue leader board in 2017, according to Bloomberg Intelligence data. “It’s a perfect combination of record gold ETF demand and GLD being priced at more than double the industry weighted average expense ratio,” said Nate Geraci, president of investment-advisory firm the ETF Store.

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Tuesday, July 28


News

State Street Global Advisors Launches S&P 500 ESG ETF

STT

EFIV seeks to track the S&P 500 ESG Index (the "Index"), which is designed to measure the performance of securities meeting certain sustainability criteria (i.e., criteria related to environmental, social and governance factors), while maintaining a similar overall industry group weight as the S&P 500 Index. "ESG investing is approaching a critical inflection point. The collective call for change is growing louder and investors are increasingly taking a stand through their investment choices," said Sue Thompson, Head of SPDR Americas Distribution at State Street Global Advisors. "EFIV meets growing demand for cost effective solutions that help put ESG investing into action by offering investors an ETF that seeks to track a more sustainable version of one of the most renowned benchmarks in the world. As ESG factor-based strategies pivot from check the box components to must have ingredients in every portfolio, State Street remains committed to providing a broader range of ESG solutions." Recognized as an industry pioneer, State Street created the first US listed ETF in 1993 (SPDR S&P 500® – Ticker SPY) and has remained on the forefront of responsible innovation, as evidenced by the introduction of many ground-breaking products, including first-to-market launches with gold, international real estate, international fixed income, and sector ETFs. For more information, visit www.spdrs.com.

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Friday, July 17


News

State Street (STT) Q2 Earnings Beat on Fee Income Growth

STT

State Street (STT) Q2 Earnings Beat on Fee Income Growth. Also, assets under management were $3.1 trillion, up 4.7% from the prior-year figure.Strong Capital and Profitability RatiosUnder Basel III (Standardized approach), estimated Tier 1 common ratio was 12.3% as of Jun 30, 2020 compared with 11.5% in the corresponding period of 2019.Return on common equity came in at 12.1% compared with 10.1% in the year-ago quarter.Our TakeNew business wins, strong balance sheet position and cost-saving efforts are likely to continue supporting State Street's profitability. However, lower interest rates and coronavirus-induced economic slowdown remain major near-term concerns. The results excluded restructuring charges and BB&T-SunTrust Banks merger-related charges, incremental operating expenses related to the merger, securities gains, as well as losses from the early extinguishment of long-term debt.Biggest Tech Breakthrough in a GenerationBe among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Zacks’ just-released special report reveals 8 stocks to watch.

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Wednesday, July 15


News

Key Factors Likely to Shape State Street's (STT) Q2 Earnings

STT

Key Factors Likely to Shape State Street's (STT) Q2 Earnings. The results benefited from lower expenses, growth of assets and improvement in fee income, partly offset by a decline in net interest income (NII) and significantly higher provisions.State Street boasts an impressive earnings surprise history. The company’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, with a surprise of 13.09%, on average. This is because it does not have the right combination of the two key ingredients — a positive Earnings ESP and Zacks Rank #3 (Hold) or better.You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.Earnings ESP: The Earnings ESP for State Street is 0.00%.Zacks Rank: The company currently carries a Zacks Rank #2 (Buy).Q2 Earnings & Sales ProjectionsThe Zacks Consensus Estimate for State Street’s earnings of $1.63 for the quarter has been revised 10.1% upward over the past seven days.

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Thursday, July 02


News

Vanguard and State Street Are Resisting the Hot New ETF Craze

STT BLK

Vanguard and State Street Are Resisting the Hot New ETF Craze. (Bloomberg) -- One of Wall Street’s hottest innovations is being hailed as the potential key to luring trillions of actively managed dollars to the booming market for exchange-traded funds. Yet two of the industry’s biggest players want no part of it for now. Vanguard Group and State Street Corp. say they’re in wait-and-see mode as active, non-transparent funds take their crucial first steps in the $4.3 trillion U.S. arena for ETFs. 2 in ETFs, is in no rush to wade into untested waters, according to its head of ETF product management.

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