State Street announced assets under custody of $33.8 trillion, up 9% year-on-year and overtaking BNY Mellon for the first time in three years.
World's largest asset manager is in the testing phase of a private blockchain through Aladdin with custody banks.
Strong custody inflow expectations for JP Morgan could push it ahead of its rival.
State Street has continued to grow its assets under custody and administration despite the landmark BlackRock shift earlier this year.
World's largest asset manager revealed it is using its in-house technology to increase the efficiency of its custody relationships.
Patrick Moisy and David Raccat have been promoted to senior management positions within the custody fund services business.
State Street CEO Joseph Hooley has explained the reasons for BlackRock moving $1 trillion in assets from State Street to JP Morgan.
Asset manager moves $1 trillion in assets from State Street to JP Morgan to provide custody and fund services.
HSBC will provide custody services for the first US-based RQFII for BlackRock.
Michael Weaver left Blackrock in December.