State Street Corporation, often referred to as State Street, is one of the oldest and largest financial institutions in the United States. The company was founded on March 5, 1792, in Boston, Massachusetts, making it more than two centuries old. Originally established as a bank, State Street has evolved over the years into a global financial services provider.
State Street's primary business is providing financial services to institutional investors, such as asset management, investment servicing, and investment research. They serve a diverse client base, including pension funds, endowments, foundations, insurance companies, and government entities.
One of State Street's most significant businesses is its custodian bank services, where they hold and safeguard financial assets on behalf of their clients. They are responsible for asset servicing, accounting, trade settlement, and other essential functions for institutional investors.
The company is also a major player in the asset management industry, offering a wide range of investment products and solutions through their State Street Global Advisors (SSGA) subsidiary. SSGA is one of the largest asset managers in the world, managing trillions of dollars in assets across various investment strategies.
In addition to its Boston headquarters, State Street has a significant global presence with offices and operations in key financial centers around the world. The company's history, scale, and expertise in financial services have made it a prominent and trusted name in the industry.