State Street’s assets under custody and administration remained fairly steady in Q2 2016, compared to Q1, however the business has seen slight declines year-over-year.
At the end of Q2 2016, assets under custody and administration totalled $27.79 trillion, 3.1 percent more than Q1 2016, which saw a total of $26.94 trillion.
This represents a 3 percent dip on Q2 2015, however, in which State Street recorded assets under custody and administration of $28.65 trillion.
In Q2 2016, State Street saw new asset servicing mandates totalling $750 billion, although it is yet to begin the mandate on a portion of this.
Servicing fees reached a total of $1.24 billion, remaining steady with Q1’s figure. However, this is a 6.1 percent decrease compared to Q2 last year, which saw servicing fees reach $1.32 billion.
This decrease was attributed to lower global equity markets in general, offset by net new business and higher global equity markets.
State Street’s assets under management totalled $2.3 trillion in Q2 2016, which, again, remains steady with the figure for Q1. This is a 3.1 percent decrease compared to Q2 2015, which recorded assets under management of $2.37 trillion.
According to State Street, its asset management business saw net outflows of $35 billion. However, it also noted that, again, some new asset management business is not reflected in the Q2 results.
Assets under management include about $40 billion in the SPDR Gold ETF, for which State Street Global Markets serves as distribution agent.
