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State Street's strong Q4 boosted by AllianzGI mandate

26 January 2017

Asset servicing business and sec finance units perform well in last quarter of 2016

Read more: State Street asset servicing securities finance

State Street’s fourth quarter securities finance revenue ticked up in annual terms, driven by revenue from enhanced custody.

The Boston-based bank said revenues for the unit, part of State Street Global Markets, totalled  $136m between October and December.  

That beat the $127m achieved in the same period of last year, although the performance was flat in quarterly terms due to lower agency lending revenue.

Outside of securities finance, new asset servicing mandates during the fourth-quarter of 2016 totaled $180bn.

This week the firm told investors it had won new business from AllianzGI.

It will provide fund administration, global custody, transfer agency and data services to the asset manager, covering €450bn ($481bn) of assets.

Across its own asset management unit State Street experienced fourth quarter net inflows of $16bn.

Brokerage and other fees increased, primarily due to higher transition management revenue.

Overall, the company said its bottom line rose to $577m, up from $494m in last year's fourth quarter.

Chief executive Joseph Hooley said the firm is focused on its 2017 priorities, including investing in new products and returning capital to shareholders.

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