State Street’s reputation as one of the world’s leading providers of financial services is grounded in centuries of history. Today, we combine a singular focus on institutional investors with unparalleled industry expertise and innovation to find new ways to help our clients achieve their business objectives. Our objective is to be the financial partner of choice for today’s most sophisticated asset managers and owners.
Refining Our Business Focus — 1990 to the Present
Becoming a Global Leader — 1960 to 1980
Shaping the Company — 1792 to 1960
Refining Our Business Focus — 1990 to the Present
2010
State Street acquires Mourant International Finance Corporation (MIFA), to expand and strengthen its global fund administration and alternative servicing capabilities for investments such as private equity, real estate and hedge funds. With the acquisition, State Street’s Alternative Investment Solutions (AIS) group services more than $600 billion in alternative assets and ranks as No. 1 in alternative asset servicing globally; No. 1 in private equity servicing globally; No. 1 in real estate asset servicing globally and No. 2 in hedge fund servicing globally, based on industry survey data1.
State Street announces its intention to acquire the securities servicing business of Intesa Sanpaolo, to include the global custody, depository banking, correspondent banking and fund administration portions of the business. Intesa Sanpaolo is one of Italy’s premier banking groups and a leading provider of securities services in the Italian market with significant presence in Luxembourg.
Jay Hooley is named chief executive officer of State Street, following the retirement of Chairman and CEO Ronald E. Logue. Since joining State Street in 1986, Mr. Hooley has held a number of diverse strategic leadership positions, including that of vice chairman, and president and chief operating officer, with responsibility for all of State Street’s asset servicing activities worldwide including investment servicing, investment research and trading, and securities finance.
2009
State Street becomes the first of the original nine lead TARP banks to repay the full amount of the US Department of the Treasury’s $2 billion investment in the company under the October 1998 TARP Capital Purchase Program (CPP). We are also the first of the lead banks to repurchase our common stock purchase warrant. With the help of strong stress test results, improved market conditions and a highly successful qualified public offering of common stock, State Street is able to replace all of those funds with private capital.
The Board of Governors of the Federal Reserve System determines that, according to the stress test administered under The Supervisory Capital Assessment Program (SCAP), State Street has a sufficient capital buffer to withstand even the stress test’s “more adverse” scenario.
State Street names Robert Kaplan and Patrick de Saint-Aignan to its board of directors. Robert Kaplan is professor of management practice at Harvard Business School and former vice chairman of The Goldman Sachs Group. Patrick de Saint-Aignan, a dual citizen of France and the United States, is a 30-year veteran of Morgan Stanley who held several positions as a managing director, including head of the firm’s global risk management function.
2008
Jay Hooley, vice chairman and head of State Street’s global investment servicing, trading and research businesses, is named president and chief operating officer, with responsibility for all of State Street’s asset servicing activities worldwide including investment servicing, investment research and trading and securities finance.
State Street and Citigroup, Inc. sell CitiStreet, their jointly held benefits servicing business, to ING group in an all-cash transaction valued at $900 million.
State Street expands its global presence by establishing an office in Doha, Qatar. This office enhances our 15-year presence in the Middle East, providing investment servicing solutions as well as unique investment research via State Street Associates, the company’s research partnership with academia.
Scott Powers is named president and CEO of State Street Global Advisors (SSgA), the company’s investment management business, and David Puth is appointed to lead State Street’s worldwide investment research, securities finance and trading activities.
2007
State Street acquires Investors Financial Services Corporation, further enhancing our position as a worldwide service provider of fund accounting to the mutual fund industry and as a leading service provider to the fast-growing hedge and offshore fund markets.
State Street acquires Currenex, an online foreign exchange trading platform serving banks, corporations, hedge funds and other active trading firms. This acquisition is central in accelerating our participation in the electronic foreign exchange trading marketplace.
2005
State Street establishes an office in Beijing in the Xicheng District, marking its inaugural presence in mainland China, Asia’s second-largest economy.
2004
Ronald E. Logue is named State Street's Chairman and CEO, following the retirement of David A. Spina. Logue joined the company in 1990, and previously served as chief operating officer and president, responsible for the investment servicing, securities finance and investment trading activities, as well as information technology. Logue also led the successful integration of the Deutsche Bank Global Securities Services business, the largest acquisition in State Street's history.
2003
State Street successfully completes its acquisition of substantial parts of Deutsche Bank's Global Securities Services (GSS) businesses and gains important strategic benefits, including a broadened global client base, leadership in the high-growth European market and considerable economies of scale. And, over 3,000 Deutsche Bank staff members around the world join as State Street employees.
2002
State Street extends its capabilities in servicing alternative investments such as hedge funds with the acquisition of International Fund Services, and enters into a definitive agreement to acquire Deutsche Bank's Global Securities Services business. With the release of its 2002 financial results, State Street announces 25 consecutive years of operating EPS growth.
2001
David A. Spina takes over as State Street's chairman and CEO, following the retirement of Marshall N. Carter. Mr. Spina is a veteran of State Street, having joined the company in 1969 and previously serving as chief operating officer, chief financial officer and treasurer, vice chairman and president. With the release of its 2001 financial results, State Street announces 24 consecutive years of double-digit operating EPS growth — a distinction that few US companies can claim.
1999
State Street sells its retail and commercial banking business to Providence, Rhode Island-based Citizens Bank. This divestiture further sharpens our focus on serving the institutional investor community around the world.
State Street's total assets under custody grow to $6 trillion, while assets under management exceed $600 billion.
1997
State Street launches a new brand identity, solidifying our singular focus on serving institutional investors worldwide. The clipper ship logo, which represents the company's long-term stability, is updated to reflect our refined direction.
1996
State Street continues to expand its product and service offering with selective acquisitions, partnerships and alliances such as the acquisition of Princeton Financial Systems, developer of the industry-leading PAM® family of portfolio management and accounting systems.
1995
State Street stock (STT) becomes available on the New York Stock Exchange (NYSE).
1991
State Street's assets under custody surpass $1 trillion, and in 1992 assets under management reach $100 billion.
Return to top
Becoming a Global Leader — 1960 to 1980
1986
State Street is ranked the largest US master trust custodian by Pensions and Investments.
1982
State Street continues its global expansion, opening its first Asian office in Hong Kong. Over the next decade, State Street will add offices in Belgium, Australia, Japan, Luxembourg, Canada, France and New Zealand.
1978
The State Street Plan is written to establish the company's long-term vision. It proclaims our commitment to being a quality institution for all of our constituencies: clients, employees, stockholders and communities.
1977
With the establishment of the State Street Foundation, the company takes a leadership role in community development, improving local schools and increasing the availability of affordable housing through the founding of the Boston Compact and Boston Housing Partnership. Both organizations are considered models for public-private partnerships in the United States.
1975
Under the leadership of William Edgerly, State Street begins to redefine its strategic focus to emphasize the servicing of financial assets. By the mid-1980s, State Street has been transformed from a regional retail bank to a global financial services provider — with an enhanced emphasis on quality, a strong commitment to sustained growth and increased expansion into international markets.
1970
State Street stock becomes available on the over-the-counter (OTC) market.
1970
State Street opens its first international office in Munich, Germany. Further expansion into Europe follows quickly, as State Street's London office opens in 1972. Twenty-six years later, the company breaks ground on a new office building in Munich to support our business growth in Germany.
1966
Construction begins on the State Street South office complex in Quincy, Massachusetts. Designed to centralize the company's operations areas, the complex provides consolidated processing for our clients around the world, operating 24 hours a day to support locations throughout North America, Europe and the Pacific Rim.
1963
State Street Bank and Trust Company breaks ground for its new headquarters at 225 Franklin Street in Boston, Massachusetts. Upon completion in 1966, the State Street Bank building is the tallest bank building in New England, and the first high-rise located in downtown Boston.
1961
State Street Bank and Trust Company — the legal entity under which State Street does business today — is formed by the merger of the Rockland-Atlas National Bank and the Second Bank-State Street Trust Company.
Return to top
Shaping the Company — 1792 to 1960
1933
During the Great Depression, the Federal Reserve Bank occasionally declares bank holidays to prevent runs on banks. On one such holiday, only State Street Trust Company keeps its door open, demonstrating our financial stability and commitment to our clients.
1924
State Street is named custodian of the first US mutual fund. Today, the company remains the largest provider of mutual fund custody and accounting services in the US, servicing 56 percent of the funds in the US mutual fund market and calculating 40 percent of the US mutual fund prices provided to NASDAQ daily.
1899
Allan Forbes joins State Street Trust Company as assistant treasurer. Forbes plays a key role in the company's growth. From 1899 until Forbes' death in 1955, the bank's deposits grow from less than $2 million to more than $187 million.
1872
Local legend maintains that during the Great Boston Fire, James Beal, then-president of the State Street ancestor Second National Bank, gathers the bank's securities, money and other valuables in a cart and takes them to his Back Bay home for safekeeping.
1863
With the passage of the National Currency Act, the Atlas, Webster and Rockland banks all apply for and receive national charters. These three banks later merge to become State Street ancestor, the Rockland-Atlas Bank.
1792
In the same year that the New York Stock Exchange debuted, Massachusetts Governor John Hancock approves the charter for the Union Bank, State Street's oldest ancestor bank. Until its merger with State Street Trust Company in 1925, the Union Bank is the state's oldest bank in continuous existence, and America's second oldest.
1 No. 1 in alternative fund servicing: Aggregating State Street and MIFA data from the HFN.net Q4 2009 Hedge Fund Administrator Survey; ICFA Alternative Fund Administration Survey April/May 2009; No. 1 in private equity and real estate servicing: Aggregating State Street and MIFA data from ICFA Alternative Fund Administration Survey April/May 2009; No. 1 in real estate servicing: Aggregating State Street and MIFA data from ICFA Alternative Fund Administration Survey April/May 2009; No. 2 in hedge fund servicing: Aggregating State Street and MIFA data from the HFN.net Q4 2009 Hedge Fund Administrator Survey.
Return to top