State Street Bank and Trust Company
Encyclopedia
State Street Bank and Trust Company or simply State Street is a custodian bank
organized as a Massachusetts trust company
specializing in services to mutual fund
s and their advisers, collective investment funds, corporate and public pension fund
s, insurance
companies, operating companies and non-profit organizations. It is a subsidiary of the State Street Corporation, and used to also provide retail banking
and commercial lending products until it sold off that division in 1999 to Citizens Financial Group
(a subsidiary of the Royal Bank of Scotland
), of Providence, Rhode Island
. The retail banking and commercial lending units were sold for $350 million.
State Street, and its sister company State Street Global Advisors
(SSgA), which is a leading registered investment advisor
, together comprise the principal operating companies within parent company State Street Corporation.
and other eastern MA cities like Quincy, Massachusetts
, and New York City
, Kansas City
, Toronto
, and Irvine
CA and many international financial center cities like London
, Frankfurt
, Munich
, Cologne
, Vienna
, Grand Cayman
, Hong Kong
, Beijing
, Dublin, Luxembourg
and Tokyo
. It has recently outsourced or offshored parts of its operations to joint venture operations in Mumbai
, Pune
and Krakow
in an effort to reduce labor costs and match competitor custodians and wall street firms following the same strategy.
State Street also provides "middle office" services such as trading operations and a California affiliate provides reconciliation services to investment banks with the help of Syntel
. State Street Syntel Sourcing Private Limited (SSSPL) is a joint venture entity that executes recociliation for investment banks worldwide.
State Street Bank and Trust Company was the tenth largest bank at the end of 2008 as an individual bank. (Not including subsidiaries)
Custodian bank
A Custodian bank, or simply custodian, is a specialized financial institution responsible for safeguarding a firm's or individual's financial assets and is not likely to engage in "traditional" commercial or consumer/retail banking such as mortgage or personal lending, branch banking, personal...
organized as a Massachusetts trust company
Trust company
A trust company is a corporation, especially a commercial bank, organized to perform the fiduciary of trusts and agencies. It is normally owned by one of three types of structures: an independent partnership, a bank, or a law firm, each of which specializes in being a trustee of various kinds of...
specializing in services to mutual fund
Mutual fund
A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...
s and their advisers, collective investment funds, corporate and public pension fund
Pension fund
A pension fund is any plan, fund, or scheme which provides retirement income.Pension funds are important shareholders of listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold...
s, insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
companies, operating companies and non-profit organizations. It is a subsidiary of the State Street Corporation, and used to also provide retail banking
Retail banking
Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards, and so forth.-Types of...
and commercial lending products until it sold off that division in 1999 to Citizens Financial Group
Citizens Financial Group
Citizens Financial Group, Inc. is an American bank headquartered in Providence, Rhode Island, which operates in the states of Connecticut, Delaware, Illinois, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont. Citizens is a wholly owned...
(a subsidiary of the Royal Bank of Scotland
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
), of Providence, Rhode Island
Providence, Rhode Island
Providence is the capital and most populous city of Rhode Island and was one of the first cities established in the United States. Located in Providence County, it is the third largest city in the New England region...
. The retail banking and commercial lending units were sold for $350 million.
State Street, and its sister company State Street Global Advisors
State Street Global Advisors
State Street Global Advisors is the investment management division of State Street Corporation and the world’s second largest asset manager, with $1.9 trillion in assets under management as of June 2010....
(SSgA), which is a leading registered investment advisor
Registered Investment Advisor
The term Registered Investment Adviser is used to describe an Investment Adviser who is registered with the Securities and Exchange Commission or a state's securities agency. The term has been popularized due to its use within the Investment Advisers Act of 1940 and its association to the term...
, together comprise the principal operating companies within parent company State Street Corporation.
History
State Street provides core investment custody, fund or investment/securities accounting, fund administration, securities finance and transfer agent services to insitutional clients like those named above. It provides these services in North American cities including BostonBoston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
and other eastern MA cities like Quincy, Massachusetts
Quincy, Massachusetts
Quincy is a city in Norfolk County, Massachusetts, United States. Its nicknames are "City of Presidents", "City of Legends", and "Birthplace of the American Dream". As a major part of Metropolitan Boston, Quincy is a member of Boston's Inner Core Committee for the Metropolitan Area Planning Council...
, and New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, Kansas City
Kansas City, Missouri
Kansas City, Missouri is the largest city in the U.S. state of Missouri and is the anchor city of the Kansas City Metropolitan Area, the second largest metropolitan area in Missouri. It encompasses in parts of Jackson, Clay, Cass, and Platte counties...
, Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
, and Irvine
Irvine, California
Irvine is a suburban incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28, 1971, the city has a population of 212,375 as of the 2010 census. However, the California...
CA and many international financial center cities like London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Frankfurt
Frankfurt
Frankfurt am Main , commonly known simply as Frankfurt, is the largest city in the German state of Hesse and the fifth-largest city in Germany, with a 2010 population of 688,249. The urban area had an estimated population of 2,300,000 in 2010...
, Munich
Munich
Munich The city's motto is "" . Before 2006, it was "Weltstadt mit Herz" . Its native name, , is derived from the Old High German Munichen, meaning "by the monks' place". The city's name derives from the monks of the Benedictine order who founded the city; hence the monk depicted on the city's coat...
, Cologne
Cologne
Cologne is Germany's fourth-largest city , and is the largest city both in the Germany Federal State of North Rhine-Westphalia and within the Rhine-Ruhr Metropolitan Area, one of the major European metropolitan areas with more than ten million inhabitants.Cologne is located on both sides of the...
, Vienna
Vienna
Vienna is the capital and largest city of the Republic of Austria and one of the nine states of Austria. Vienna is Austria's primary city, with a population of about 1.723 million , and is by far the largest city in Austria, as well as its cultural, economic, and political centre...
, Grand Cayman
Grand Cayman
Grand Cayman is the largest of the three Cayman Islands and the location of the nation's capital, George Town. In relation to the other two Cayman Islands, it is approximately 75 miles southwest of Little Cayman and 90 miles southwest of Cayman Brac.-Geography:Grand Cayman encompasses 76% of...
, Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
, Beijing
Beijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
, Dublin, Luxembourg
Luxembourg
Luxembourg , officially the Grand Duchy of Luxembourg , is a landlocked country in western Europe, bordered by Belgium, France, and Germany. It has two principal regions: the Oesling in the North as part of the Ardennes massif, and the Gutland in the south...
and Tokyo
Tokyo
, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
. It has recently outsourced or offshored parts of its operations to joint venture operations in Mumbai
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
, Pune
Pune
Pune , is the eighth largest metropolis in India, the second largest in the state of Maharashtra after Mumbai, and the largest city in the Western Ghats. Once the centre of power of the Maratha Empire, it is situated 560 metres above sea level on the Deccan plateau at the confluence of the Mula ...
and Krakow
Kraków
Kraków also Krakow, or Cracow , is the second largest and one of the oldest cities in Poland. Situated on the Vistula River in the Lesser Poland region, the city dates back to the 7th century. Kraków has traditionally been one of the leading centres of Polish academic, cultural, and artistic life...
in an effort to reduce labor costs and match competitor custodians and wall street firms following the same strategy.
State Street also provides "middle office" services such as trading operations and a California affiliate provides reconciliation services to investment banks with the help of Syntel
Syntel
Syntel, Inc. is a global provider of Information Technology and Knowledge Process Outsourcing solutions, with global development centers in India and the United States....
. State Street Syntel Sourcing Private Limited (SSSPL) is a joint venture entity that executes recociliation for investment banks worldwide.
Historical Data
State Street Bank and Trust Company was the tenth largest bank at the end of 2008 as an individual bank. (Not including subsidiaries)