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Behind State Street’s Assets under Custody and Administration in 4Q17

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Jan. 31 2018, Updated 9:02 a.m. ET

STT’s total AUCA in 4Q17

State Street’s (STT) total AUCA (assets under custody and administration) as of December 31, 2017, stood at ~$33.1 trillion. In 4Q17, the contribution from collective funds (which includes exchange-traded funds) and mutual funds stood at $9.7 trillion and $7.6 trillion, respectively.

By comparison, pension products contributed $6.7 trillion, while insurance and other products contributed $9.1 trillion in 4Q17.

Of State Street’s total AUCA as of December 31, 2017, equities contributed $19.2 trillion, while short-term other investments and fixed income investments made contributions of $3.8 trillion and $10.0 trillion, respectively.

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STT’s geographical contributions

In 4Q17, State Street witnessed the highest AUCA contributions from the North America region. Of the total ~$33.1 trillion, North America contributed $24.4 trillion, while Asia-Pacific and EMEA (Europe, the Middle East, and Africa) generated $1.6 trillion and $7.0 trillion, respectively, in AUCA for the company.

Notably, for the past several quarters, State Street has been generating the majority of its AUCA from North America.

STT’s total assets under custody and net income margin

As of December 31, 2017, State Street had total assets under custody of ~$25.0 trillion, of which mutual funds contributed ~$7.0 trillion and pension products contributed $5.6 trillion. By comparison, collective funds (which includes exchange-traded funds) and insurance and other products contributed ~$8.1 trillion and $4.3 trillion, respectively.

Over the past 12 months (LTM), State Street’s net income margin stood at ~70.3%. By comparison, peers (XLF) Invesco Limited (IVZ), SEI Investments (SEIC), and PNC Financial Services (PNC) saw net income margins of ~19.0%, ~24.9%, and ~46.4%, respectively.

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