| State Street |
|Membership||• Ronald P. O'Hanley|
• Amelia C. Fawcett
• Marie A. Chandoha
• Patrick de Saint-Aignan
• Lynn A. Dugle
• William Craig Freda
• Sara Mathew
• William L. Meaney
• Sean O'Sullivan
• Richard P. Sergel
• Gregory L. Summe
• Jay Hooley
• Ronald Logue
• Edward Resch
|One of the three big money managers in the world|
State Street is one of the three largest asset management companies in the world with US$2,511 trillion under management (up from $420 billion in year 2000) and US$31.62 trillion under custody and administration. It is the second largest custodian bank in the world, similar to Vanguard, but far smaller than the almighty Blackrock.
The company traces its roots to Union Bank, which received a charter in 1792. State Street Deposit & Trust Co opened in 1891. It became the custodian of the first U.S. mutual fund in 1924, the Massachusetts Investors Trust.
State Street and National Union merged in 1925. The merged bank took the State Street name, but National Union was the nominal survivor, and it operated under National Union's charter, thus giving the current entity its rank among the oldest banks in the United States.
In 1975, William Edgerly became president and chief executive officer of the bank and shifted the company's strategy from commercial banking to investments and securities processing.
In November 2011, the company was named as amongst the world's 29 systemic banks.
In 2012, the company acquired Goldman Sachs Administration Services, a hedge fund administrator, for $550 million.
In 2009, California alleged on behalf of its pension funds CalPERS and CalSTRS that State Street had committed fraud on currency trades handled by the custodian bank.
On January 18, 2017, State Street agreed to pay $64.6 million to resolve U.S. investigations into what prosecutors said was a scheme to defraud six clients through secret commissions on billions of dollars of trades.
1 of the 14 of the members already have pages here:
- ↑ https://www.sec.gov/Archives/edgar/data/93751/000009375119000336/stt-20181231_10k.htm#s5523C1CFAF736B3778562E2481D616AE
- ↑ https://www.wsj.com/articles/SB10001424052970203804204577017781584650666
- ↑ https://www.businesswire.com/news/home/20120717005831/en/State-Street-Acquire-Goldman-Sachs-Administration-Services
- ↑ https://www.reuters.com/article/us-statestreet-california-sb/california-sues-state-street-over-pension-funds-idUSTRE59J4JS20091020
- ↑ https://www.justice.gov/opa/pr/state-street-corporation-agrees-pay-more-64-million-resolve-fraud-charges