Why State Street Beat Earnings Estimates
One of the largest asset managers and custodian banks in the world, State Street (NYSE: STT), posted strong fourth-quarter numbers and beat analysts' earnings estimates. State Street saw solid growth across the board with increases in assets under management (AUM), investment servicing assets, revenue, and earnings -- in addition to significant expense reductions.
The Boston-based company has $3.1 trillion in AUM in its investment management arm -- up 24% from the end of 2018. Its investment servicing division, which provides custodian bank services, fund accounting, and administration, saw assets climb 8.7% year over year to $34.3 trillion. State Street is the world's second-largest custody bank, behind BNY Mellon.
Source Fool.com
