The milestone represents a 30% year-on-year increase, while assets under administration (AuA) also reached a new high.
The jump in AuC/A values reflected higher market values, net new business and the favourable impact of a weaker US dollar.
The win helped propel its assets under custody and administration (AUC/A) by 20% year-on-year to reach €13.9 trillion.
AUC/A mainly jumped in response to the recovery of global markets, however all three trust banks reported net new business wins and client growth.
A bounce in market valuations on the back of improved market returns and ongoing client confidence helped fuel the increase in AuC in Australia.
State Street's CFO said the custodian would have to generate new business wins of amounting to $1.5 trillion in AUC to achieve growth.
Revenues from global custody and fund administration fees grew by just 0.6% to $1.3 billion for the last three months of the year.
Custody and fund administrations assets rise 13% year-on-year as securities services firms seem to have performed well during Q3.
Custodian reports Q2 results with uptick in assets under custody and administration and drop in fees income, as CEO highlights development in self-service capabilities.
JP Morgan has now moved up to number two in the global custody rankings with just under $27 trillion of assets under custody.