This article focuses on providing an introduction to the State Street Bank and Trust Company. As a major investment bank this page will be of note to anyone interested in investment banking.
History of State Street Bank and Trust
State Street Bank and Trust was founded in 1792 during the same time as the birth of the New York Stock Exchange. State Street Bank and Trust is a U.S. based global financial services holding company. Its headquarters are located in Boston, Massachusetts. The original name of the company was Union Bank until it merged with the State Street Trust Company in 1925. In 1924, State Street Trust was named as the custodian for the first United States mutual fund. During the company’s early years Allan Forbes played a huge role in its expansion. Over Forbes’ fifty-six years with State Street he helped to grow the deposits of the bank from a less than $2 million to over $187 million.
After a series of mergers between the Rockland-Atlas National Bank and the Second Bank-State Street Trust Company in 1961 the company becomes the State Street Bank and Trust Company, its current legal name. Throughout the early 1970′s and 1980′s, State Street Bank and Trust Company focused heavily on converting from retail banking into being a provider of financial services on a global level. During this time State Street Bank and Trust Company would open offices in Japan, France, Belgium, New Zealand, Canada, Australia, and Luxembourg.
State Street Bank and Trust continued to reach and surpass many milestones. The company’s stock would become available in 1995 on the New York Stock Exchange. Its retail and commercial banking portfolio would be sold to Citizens Bank in 1999 to further their goals of service to institutional investments.
State Street Services
Today, State Street is the leading provider of U.S. mutual fund custody and accounting services. It is also the leading servicer of U.S pension plans and the number one investment manager of U.S institutional tax-exempt assets. On a global level, State Street Bank and Trust is the leading worldwide custodian, manager of institutional assets, and provider of securities finance services, just to name a few. State Street Bank and Trust Company operates in 27 countries and has over 27,000 employees worldwide. As at the beginning of 2010 the bank apparently has assets under custody and administration of over $17 trillion as well as assets under management of over $1 trillion. It is lead by is Chairman and Chief Executive Officer, Ronald E. Logue.
State Street Bank Today
State Street Bank and Trust Company products and services focus on investment servicing, investment management, trading services, and investment research. Their main services are wide ranging but include custody and accounting, cash management, portfolio management, investment management, and global securities lending. They also offer currency execution, trade execution systems, and high net-worth services.
The clients of State Street Bank and Trust Company are very diversified. The clients of State Street Bank and Trust Company are not typical as they target and work with large institutions and those who have extremely high net-worth. Clients of State Street include banks and trust companies, government agencies, U.S. based and multi-national corporations, insurance companies, and high net-worth individuals and family offices. They also provide products and services to mutual fund companies, pension plan sponsors, non-profit organizations, and brokers and financial intermediaries.