State Street recorded a profit of $377 million in the first quarter, up 6% year-on-year, as the U.S. custodian benefited from new business within its asset servicing unit.
According to the bank new asset servicing mandates in the quarter totaled $214 billion, as assets under custody increased just 3.7% to $28.5 trillion.
Furthermore, securities finance revenue increased 18.8% to $1010 million, primarily due to new custody business, its securities lending service for custody clients, and higher volumes the bank says.
“We continue to benefit from our strong market position and client demand for our servicing solutions remains robust as evidenced by $214 billion of new servicing commitments,” says Joseph Hooley, chairman and CEO, State Street.
State Street Sees $214 Billion of New Mandates in Q1
State Street recorded a profit of $377 million in the first quarter, up 6% year-on-year, as the U.S. custodian benefited from new business within its asset servicing unit.
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