Investment Services

Investment Services provides a full range of products and services across the front, middle, and back office for public and private assets, as well as multi-asset class investments.

In 2025, the business entered the year with strong momentum and continued to bolster its capabilities across global markets, with assets under custody and/or administration (AUC/A) reaching a record $53.8 trillion. Private markets servicing fees continued to demonstrate solid growth, increasing 12 percent in 2025. New AUC/A business wins totaled $2.1 trillion, reflecting sustained demand across regions and asset classes. Our State Street Alpha® platform remained a key differentiator, securing four new mandates during the year. Front-office software and data annual recurring revenue increased 11 percent, driven by software as a service conversions and implementations.

These results underscore the scale of our franchise and the enduring trust investors place in State Street as a long-term partner.
 

Notable milestones included major client mandates and transformative wins in key global markets. A significant servicing mandate from Columbia Threadneedle Investments — representing fund accounting, administration, and custody on approximately $431 billion in AUC/A — exemplified our ability to support the world’s most sophisticated investors.

The addition of Mizuho Trust & Banking’s global custody business outside of Japan expanded our presence in Asia Pacific, Luxembourg, and the United States, enhancing our capacity to serve complex cross-border needs.

In Europe, we deepened our long-standing partnership with Italy’s largest bank, Intesa Sanpaolo, integrating its custody operations and a technology unit to further enhance service quality and operational efficiency for institutional clients. We also expanded our Middle East footprint by establishing our regional headquarters in Riyadh, Saudi Arabia, positioning us for long-term growth in a rapidly developing market.
 

Innovation remained a defining feature of our successes in 2025. Late in the year, we launched our Digital Asset Platform, a secure, scalable foundation for tokenized assets that enables us to bridge the gap between traditional and digital finance for our clients. Designed with a compliance-first approach and on-chain controls, it marks a significant step in our support of the growing market for tokenized financial products. This platform will allow institutions to confidently adopt digital products while seamlessly connecting traditional and blockchain-based markets, backed by the same institutional rigor they expect from State Street.

“Our Digital Asset Platform delivers the trusted infrastructure clients need to embrace tokenization and drive innovation at scale.”

Donna Milrod
Chief Product Officer

We advanced our partnership with Taurus, a global leader in digital asset infrastructure, further solidifying our digital asset strategy by integrating institutional-grade custody, tokenization, and smart‑contract capabilities into our infrastructure. We also became the first third‑party custodian to go live on J.P. Morgan’s Digital Debt Service platform, demonstrating how blockchain-enabled life cycle management and accelerated settlement can operate within a controlled institutional environment. Through our agreement with ZILO^TM, a fintech specializing in global asset and wealth management software, we re‑entered the United Kingdom transfer agency (TA) market and we also insourced our TA operations in Luxembourg and Ireland.

In November, we announced the launch of our Data Intelligence offering, which includes differentiated, near real-time economic datasets providing critical insights for institutional investors, economists, and central banks. It also includes State Street’s proprietary suite of private equity and credit benchmarks and analytics.

Together, these developments represent considerable progress in modernizing our platforms and investment servicing solutions.

“Our Data Intelligence suite — which transforms proprietary data into near real-time insights — helps investors stay ahead of trends and navigate global markets with confidence.”

Will Kinlaw
Head of Data Intelligence
 

Artificial intelligence (AI) gained greater prominence throughout our business in 2025, as generative AI tools enhanced productivity in client service, operations, and analytics. We are now implementing agentic AI — autonomous systems designed to optimize multistep processes — to increase scalability, reduce cycle times, and reinforce risk controls.

These implementations establish the foundation for a more automated, data-driven operating model and are governed by a Responsible AI Framework, including dedicated employee education and training modules, promoting transparency, safety, and regulatory alignment.

Throughout the year, we further refined and enhanced our engagement model. Coverage for our top 100 clients expanded through the Global Clients Division, enabling more coordinated and strategic engagement across the firm. A portfolio‑based coverage model sharpened accountability and tightened commercial alignment.