State Street

State Street traces its banking roots to Union Bank, founded in 1792 to serve growing maritime trade. This is the ancestry of its banking business, rather than the incorporation date of the present parent company.⁠[1][2]

State Street Bank’s current charter was authorized by a special act of the Massachusetts legislature in 1891, and its present name was adopted in 1960. The principal banking subsidiary, State Street Bank and Trust Company, specializes in custody and asset services for institutional clients.⁠[2]

The company’s history records its appointment in 1924 as custodian of the first US mutual fund. Asset custody, accounting and administration for funds and other institutions became central to its business.⁠[1][3]

State Street Corporation was organized under Massachusetts law in 1969. It is a bank holding company that elected financial holding company treatment. The parent supports its subsidiaries financially and managerially, with much of the group’s business conducted through its banking subsidiary.⁠[2]

The company links its 1970s expansion to regulatory changes including ERISA and dates the founding of State Street Global Advisors to that decade. During the 1980s, it expanded further into Europe and Asia Pacific and established its first Japanese office.⁠[1]

State Street’s investment management business launched the SPDR S&P 500 ETF Trust, trading as SPY. Its anniversary announcement identifies it as the first US-listed exchange-traded fund, a distinction specific to the US market.⁠[4]

State Street announced an agreement to acquire Charles River Development for $2.6 billion in cash, combining investment management front-office software with its middle- and back-office services. The announced strategy connected portfolio modeling, data analytics, compliance and custody across the investment workflow. Completion remained subject to approvals and closing conditions at announcement.⁠[5]

Ronald P. O’Hanley became State Street’s chief executive in 2019 and chairman in 2020. He previously led State Street Global Advisors and served as the group’s president and chief operating officer. The company continued to identify him as chairman and CEO when checked in October 2026.⁠[6]

The SEC announced that State Street Bank and Trust Company agreed to $48.78 million in disgorgement and prejudgment interest and a $40 million civil penalty over custody expense overcharges to registered investment companies. The bank neither admitted nor denied the findings. The SEC also acknowledged self-reporting and substantial cooperation.⁠[7]

The Justice Department announced a deferred prosecution agreement with State Street Corporation and a $115 million criminal penalty. Citing the company’s admissions, it described hidden markups on pass-through expenses from 1998 to 2015. The agreement included stronger compliance and a two-year independent monitor. The department noted voluntary disclosure, cooperation and agreement to reimburse affected clients fully.⁠[8]

In its 2025 business review, State Street reported adding Mizuho Trust & Banking’s global custody business outside Japan, expanding its presence in Asia Pacific, Luxembourg and the United States. Its Alpha platform secured four new mandates, while Investment Services won $2.1 trillion in new assets under custody and/or administration.⁠[9]

At June 30, 2026, State Street reported $57.9 trillion in assets under custody and/or administration, $6.3 trillion in assets under management, operations in more than 100 markets and approximately 51,000 employees. The AUM figure included about $157 billion in SPDR products for which an affiliate acted solely as marketing agent. These client-asset measures differ from the group’s own balance-sheet assets.⁠[10][2]

State Street participated as a returning investor in Capitolis’ 2026 Series E.⁠[11]

Clients include asset managers, asset owners, insurers and official institutions. Investment servicing covers custody, fund accounting and administration; investment management provides portfolio and fund strategies; Markets supplies foreign exchange, trading, financing and research services.⁠[3]

Corporate website: https://www.statestreet.com/ (opens in a new window). Investment management website: https://www.ssga.com/ (opens in a new window). X: https://x.com/StateStreet (opens in a new window). YouTubeYouTubeYouTube is Google’s video-sharing and creator platform, founded in 2005 by Steve Chen, Chad Hurley, and Jawed Karim and acquired by Google in 2006. Built around video uploading, viewing, and creator earnings, the platform has developed Shorts, YouTube Music, Premium, YouTube TV, and products for children, and is headquartered in San Bruno, California, United States.Open the full entry: https://www.youtube.com/@StateStreetCorp (opens in a new window). LinkedInLinkedInLinkedIn is a social networking platform for professionals. It was founded in 2002 by Reid Hoffman and others, launched in 2003, and listed on the New York Stock Exchange in 2011; after Microsoft acquired it for approximately $26.2 billion in 2016, it became a wholly owned Microsoft subsidiary. Its revenue comes from membership subscriptions, advertising, and recruitment solutions.Open the full entry: https://www.linkedin.com/company/state-street/ (opens in a new window).⁠[3]