State Street revenues weathers AUM outflow

Profits upState Street’s revenue increased 8.6% in the third quarter compared to the same period last year.

Revenue went up to $2.8 billion (€2.4 billion), including fee revenue, which was up 8% to 2.2 billion, the company reported last week.

State Street’s results reflected higher levels of assets under custody and administration, and also a higher level of assets under management.

Custody and administration assets increased 10% due to strength in equity markets, State Street said.

The firm has $32.110 trillion of custody and administration assets.

The company finished the quarter with $2.673 trillion assets under management, despite $25 billion of net outflows.

State also reported that new asset servicing mandates during the third quarter totalled about $105 billion.

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