State Street has just reported its first quarter figures, which it says show revenue up 7% compared to the same period a year earlier, reflecting a 12% Increase in fee revenue.
Joseph L Hooley, State Street’s chairman and chief executive officer, said: "These results reflect strong fee revenue growth, continued expense control and further progress across our strategic priorities, which in turn drove significant positive fee operating leverage, compared to 1Q16. We are seeing solid new business traction and continue to differentiate our capabilities by investing in our technology and systems.
“Assets under custody and administration increased 11% from 1Q16, reflecting stronger markets, improved client flows and the contribution of our new business wins over the past year, which benefited from our investments in solutions for clients’ most complex needs.
“SSGA also achieved strong revenue gains driven in part by the momentum in our ETF (exchange-traded funds) strategies, which are benefiting from investments in distribution and new products, such as SSGA’s SHE ETF launched last year to help drive gender diversity across corporate boards and management.”