State Street (STT)
Provides institutions with global custody, investment technology, trading services and SPDR ETFs.
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State Street does not lend to the public. It safeguards other institutions' money and investments, keeps their books, swaps their currencies, lends out their shares, and runs a big index-fund business. Most of what it earns is a thin slice of assets it holds or manages, so markets set the pace. The newer bets — private-market funds, wealth advisers, funds tracked on shared digital ledgers — are small beside the safekeeping that pays for everything.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
9 in detail · 13 more below
Custody and fund administration
The core custody business — holding, valuing and reporting on other institutions' investments. $5,324M in FY2025 on $53.8T of client assets. Watch the work already won but not yet switched on: $2.9T of assets carrying $335M of future fees at mid-2026, against prices that keep getting negotiated down.
Competes with Asset Servicing (BNY) · Asset Servicing (Northern Trust) · Securities Services (J.P. Morgan)
In plain English
Every pension fund and mutual fund needs somebody other than itself to hold its investments, count them each day, and publish what they are worth. That is the job: State Street holds the assets and keeps the official record of what a fund owns.
Clients pay a small fee measured against the value of everything held, plus charges per transaction and per account. Because the fee follows asset values, rising markets lift revenue without extra work, and falling ones cut it. The catch is that only four firms of this size exist, and every renewal is a chance for a client to push the price down.
Private markets and alternatives servicing
The same holding-and-bookkeeping work, done for funds that own buildings, private loans and unlisted companies. Grew 12% during 2025 to roughly a tenth of servicing fees, and alternatives funds were behind much of the $384B of new client assets won in the second quarter of 2026.
Competes with GlobeOp fund administration (SS&C) · Fund administration (Citco) · Alternative Investment Services (BNY)
In plain English
Not everything an investment fund owns trades on an exchange. Think office towers, private loans, stakes in companies that never listed, roads and pipelines. Somebody still has to hold the paperwork, put a value on it and file the reports.
State Street does that for private credit, buyout, property, infrastructure and hedge funds, and sells them Charles River for Private Markets, its software for tracking such holdings. The pay works the same way as ordinary custody — a slice of the assets, plus charges for the work — on a pool of money that has been growing faster than the rest of the servicing business.
State Street Wealth Services
Pointing the same holding-and-settling machinery at financial advisers and self-directed investing apps instead of giant institutions. Built on a 2025 partnership and minority stake in Apex Fintech Solutions. No revenue published yet, and the established adviser custodians hold most of the money.
Competes with Pershing (BNY) · Clearing & Custody Solutions (Fidelity) · Advisor Services (Schwab)
In plain English
The plumbing here was built for pension funds and fund managers. This push aims it at a different customer: the adviser looking after a few hundred families' savings, and the app where people buy shares on their phone. Those firms also need someone to hold the shares and settle the trades.
Rather than build that from scratch, State Street partnered with — and took a minority stake in — Apex Fintech Solutions, a clearing firm whose platform serves more than 200 clients and 22 million brokerage accounts, and will use that platform itself. Nothing is broken out as revenue yet, and advisers rarely change custodian on a whim.
State Street Digital Asset Platform
Safekeeping and cash handling for funds whose ownership is recorded on shared digital ledgers rather than in one firm's books. Launched January 2026; servicing of such funds in Luxembourg is promised for late 2026 if regulators agree. Earns nothing so far.
Competes with BUIDL tokenized Treasury fund (BlackRock) · BENJI (Franklin Templeton) · USYC (Circle)
In plain English
A holding in a fund is really an entry in a register saying who owns what. Some registers are now kept on shared digital ledgers that many firms can read at the same time, so the record can update around the clock instead of once a day.
State Street built the wallets, safekeeping and cash handling for that version of the business, and is selling it as one more thing it services. A European asset manager has picked it to service cash funds held this way. For now it earns nothing, and the money kept this way is still small beside the $570B of cash the firm already manages.
Net interest income (client cash)
Clients park cash at the bank, State Street invests it and keeps the gap: $2,960M in FY2025, earned on a few hundred billion dollars of client cash. Guided to grow 14–15% in 2026, driven by older holdings rolling into better ones rather than by rates going up.
Competes with Asset Servicing interest income (BNY) · Asset Servicing interest income (Northern Trust)
In plain English
Money sits at the bank between decisions — cash waiting to be invested, dividends just arrived, sale proceeds not yet spent. Custody clients leave it there, State Street pays a little to hold it, and earns more by putting it into bonds and client loans. The difference is this line.
Nobody sold it: the cash turns up as a by-product of the safekeeping business, like a stream running under the building. That also means State Street does not control how big it is. Clients can move balances into money-market funds instead, and what the invested cash earns depends on securities bought in earlier years. Win more custody clients, though, and more cash arrives with them.
State Street Investment Management
The SPDR fund arm, renamed from Global Advisors in 2025, running $6.3T by mid-2026. Management fees were $2,398M in FY2025. Every dollar of new money is going into index, exchange-traded and cash products, while the funds where a person picks the investments keep losing money to withdrawals.
Competes with iShares Core S&P 500 ETF (IVV) (BlackRock) · Vanguard S&P 500 ETF (VOO) (Vanguard)
In plain English
This half of the company runs money rather than watching it. Its money sits mostly in funds that simply copy an index — own every company in the S&P 500, charge very little — and SPY, the oldest American exchange-traded fund, is the flagship.
Investors pay a yearly fee measured against what they hold, so the money keeps arriving as long as they stay put. The trouble is the fee is tiny and shrinking: rival S&P 500 funds from BlackRock and Vanguard are each larger than SPY, and BlackRock's charges less. So assets can set records while revenue barely moves. Meanwhile customers have been pulling cash out of the funds where a person picks the investments.
Foreign exchange trading services
Turning clients' money into other countries' money: $1,614M in FY2025, up 15%, with a record $494M quarter in mid-2026 on heavy Asia-Pacific volumes. Earnings rise and fall with how jumpy currency prices are, and clients can always deal elsewhere.
Competes with Foreign exchange trading income (BNY) · FX and capital markets (Northern Trust)
In plain English
A fund buying shares abroad needs the local currency first. Since State Street already holds the fund's cash, it is the obvious place to do the swap, and it acts as the dealer — taking in one currency and handing over the other at a slightly different rate. That gap is the revenue.
It also runs FX Connect and Currenex, screens where clients arrange currency trades themselves and pay a small charge each time. So the business feeds off custody, and it feeds off nerves: when currency prices settle down, as they did in late 2025, this revenue drops with them.
Securities finance
Lending clients' shares and bonds out to traders who need them and splitting the fee with the owner. $505M in FY2025, up 15%. In the second quarter of 2026 the amount on loan rose 24% while revenue rose 19% — more lent, less earned on each dollar.
Competes with Agency securities lending (BNY) · Agency securities lending (Northern Trust)
In plain English
Big investors — pension funds, insurers — own shares and bonds they mean to sit on for years. Other firms in the market need those exact shares or bonds in hand for a while, and will pay to borrow them.
State Street runs the matchmaking: it lends out holdings belonging to the clients whose assets it already keeps, and splits the fee with the owner. It calls itself one of the three largest lenders of this kind. Small money next to custody, and it comes off the same shelf of client assets — but the fee per loan keeps shrinking, so the pile lent out has to grow just to stand still.
State Street Alpha and Charles River Development
The software arm: Charles River's tools for running portfolios, bundled with custody underneath as State Street Alpha. $903M in FY2025, up only 2%. Charles River's subscription base reached $418M a year at the end of 2025, up 11%, while one-off licence sales make quarters lurch.
Competes with Aladdin (BlackRock) · SimCorp (Deutsche Börse) · AIM order and portfolio management (Bloomberg)
In plain English
Fund managers need a screen where they decide what to buy, check how risky it is, and send the order to market. Charles River is one of the systems they use, and State Street owns it. Bolt it onto the custody and accounting underneath and you get State Street Alpha: one supplier from the first trade idea to the final record.
Customers either subscribe by the year or buy a licence outright and install it on their own machines. Subscriptions build steadily; outright sales land in lumps, so a strong quarter makes the next one look grim. The real prize is the bundle — a manager already running on Charles River is easier to pull away from a rival custodian.
Custody and fund administrationThe core custody business — holding, valuing and reporting on other institutions' investments. $5,324M in FY2025 on $53.8T of client assets. Watch the work already won but not yet switched on: $2.9T of assets carrying $335M of future fees at mid-2026, against prices that keep getting negotiated down.The core custody business — holding, valuing and reporting on other institutions' investments. $5,324M in FY2025 on $53.8T of client assets. Watch the work already won but not yet switched on: $2.9T of assets carrying $335M of future fees at mid-2026, against prices that keep getting negotiated down.
In plain English
Every pension fund and mutual fund needs somebody other than itself to hold its investments, count them each day, and publish what they are worth. That is the job: State Street holds the assets and keeps the official record of what a fund owns.
Clients pay a small fee measured against the value of everything held, plus charges per transaction and per account. Because the fee follows asset values, rising markets lift revenue without extra work, and falling ones cut it. The catch is that only four firms of this size exist, and every renewal is a chance for a client to push the price down.
Competes with Asset Servicing (BNY) · Asset Servicing (Northern Trust) · Securities Services (J.P. Morgan)
Private markets and alternatives servicingThe same holding-and-bookkeeping work, done for funds that own buildings, private loans and unlisted companies. Grew 12% during 2025 to roughly a tenth of servicing fees, and alternatives funds were behind much of the $384B of new client assets won in the second quarter of 2026.The same holding-and-bookkeeping work, done for funds that own buildings, private loans and unlisted companies. Grew 12% during 2025 to roughly a tenth of servicing fees, and alternatives funds were behind much of the $384B of new client assets won in the second quarter of 2026.
In plain English
Not everything an investment fund owns trades on an exchange. Think office towers, private loans, stakes in companies that never listed, roads and pipelines. Somebody still has to hold the paperwork, put a value on it and file the reports.
State Street does that for private credit, buyout, property, infrastructure and hedge funds, and sells them Charles River for Private Markets, its software for tracking such holdings. The pay works the same way as ordinary custody — a slice of the assets, plus charges for the work — on a pool of money that has been growing faster than the rest of the servicing business.
Competes with GlobeOp fund administration (SS&C) · Fund administration (Citco) · Alternative Investment Services (BNY)
State Street Wealth ServicesPointing the same holding-and-settling machinery at financial advisers and self-directed investing apps instead of giant institutions. Built on a 2025 partnership and minority stake in Apex Fintech Solutions. No revenue published yet, and the established adviser custodians hold most of the money.Pointing the same holding-and-settling machinery at financial advisers and self-directed investing apps instead of giant institutions. Built on a 2025 partnership and minority stake in Apex Fintech Solutions. No revenue published yet, and the established adviser custodians hold most of the money.
In plain English
The plumbing here was built for pension funds and fund managers. This push aims it at a different customer: the adviser looking after a few hundred families' savings, and the app where people buy shares on their phone. Those firms also need someone to hold the shares and settle the trades.
Rather than build that from scratch, State Street partnered with — and took a minority stake in — Apex Fintech Solutions, a clearing firm whose platform serves more than 200 clients and 22 million brokerage accounts, and will use that platform itself. Nothing is broken out as revenue yet, and advisers rarely change custodian on a whim.
Competes with Pershing (BNY) · Clearing & Custody Solutions (Fidelity) · Advisor Services (Schwab)
State Street Digital Asset PlatformSafekeeping and cash handling for funds whose ownership is recorded on shared digital ledgers rather than in one firm's books. Launched January 2026; servicing of such funds in Luxembourg is promised for late 2026 if regulators agree. Earns nothing so far.Safekeeping and cash handling for funds whose ownership is recorded on shared digital ledgers rather than in one firm's books. Launched January 2026; servicing of such funds in Luxembourg is promised for late 2026 if regulators agree. Earns nothing so far.
In plain English
A holding in a fund is really an entry in a register saying who owns what. Some registers are now kept on shared digital ledgers that many firms can read at the same time, so the record can update around the clock instead of once a day.
State Street built the wallets, safekeeping and cash handling for that version of the business, and is selling it as one more thing it services. A European asset manager has picked it to service cash funds held this way. For now it earns nothing, and the money kept this way is still small beside the $570B of cash the firm already manages.
Competes with BUIDL tokenized Treasury fund (BlackRock) · BENJI (Franklin Templeton) · USYC (Circle)
Net interest income (client cash)Clients park cash at the bank, State Street invests it and keeps the gap: $2,960M in FY2025, earned on a few hundred billion dollars of client cash. Guided to grow 14–15% in 2026, driven by older holdings rolling into better ones rather than by rates going up.Clients park cash at the bank, State Street invests it and keeps the gap: $2,960M in FY2025, earned on a few hundred billion dollars of client cash. Guided to grow 14–15% in 2026, driven by older holdings rolling into better ones rather than by rates going up.
In plain English
Money sits at the bank between decisions — cash waiting to be invested, dividends just arrived, sale proceeds not yet spent. Custody clients leave it there, State Street pays a little to hold it, and earns more by putting it into bonds and client loans. The difference is this line.
Nobody sold it: the cash turns up as a by-product of the safekeeping business, like a stream running under the building. That also means State Street does not control how big it is. Clients can move balances into money-market funds instead, and what the invested cash earns depends on securities bought in earlier years. Win more custody clients, though, and more cash arrives with them.
Competes with Asset Servicing interest income (BNY) · Asset Servicing interest income (Northern Trust)
State Street Investment ManagementThe SPDR fund arm, renamed from Global Advisors in 2025, running $6.3T by mid-2026. Management fees were $2,398M in FY2025. Every dollar of new money is going into index, exchange-traded and cash products, while the funds where a person picks the investments keep losing money to withdrawals.The SPDR fund arm, renamed from Global Advisors in 2025, running $6.3T by mid-2026. Management fees were $2,398M in FY2025. Every dollar of new money is going into index, exchange-traded and cash products, while the funds where a person picks the investments keep losing money to withdrawals.
In plain English
This half of the company runs money rather than watching it. Its money sits mostly in funds that simply copy an index — own every company in the S&P 500, charge very little — and SPY, the oldest American exchange-traded fund, is the flagship.
Investors pay a yearly fee measured against what they hold, so the money keeps arriving as long as they stay put. The trouble is the fee is tiny and shrinking: rival S&P 500 funds from BlackRock and Vanguard are each larger than SPY, and BlackRock's charges less. So assets can set records while revenue barely moves. Meanwhile customers have been pulling cash out of the funds where a person picks the investments.
Competes with iShares Core S&P 500 ETF (IVV) (BlackRock) · Vanguard S&P 500 ETF (VOO) (Vanguard)
Foreign exchange trading servicesTurning clients' money into other countries' money: $1,614M in FY2025, up 15%, with a record $494M quarter in mid-2026 on heavy Asia-Pacific volumes. Earnings rise and fall with how jumpy currency prices are, and clients can always deal elsewhere.Turning clients' money into other countries' money: $1,614M in FY2025, up 15%, with a record $494M quarter in mid-2026 on heavy Asia-Pacific volumes. Earnings rise and fall with how jumpy currency prices are, and clients can always deal elsewhere.
In plain English
A fund buying shares abroad needs the local currency first. Since State Street already holds the fund's cash, it is the obvious place to do the swap, and it acts as the dealer — taking in one currency and handing over the other at a slightly different rate. That gap is the revenue.
It also runs FX Connect and Currenex, screens where clients arrange currency trades themselves and pay a small charge each time. So the business feeds off custody, and it feeds off nerves: when currency prices settle down, as they did in late 2025, this revenue drops with them.
Competes with Foreign exchange trading income (BNY) · FX and capital markets (Northern Trust)
Securities financeLending clients' shares and bonds out to traders who need them and splitting the fee with the owner. $505M in FY2025, up 15%. In the second quarter of 2026 the amount on loan rose 24% while revenue rose 19% — more lent, less earned on each dollar.Lending clients' shares and bonds out to traders who need them and splitting the fee with the owner. $505M in FY2025, up 15%. In the second quarter of 2026 the amount on loan rose 24% while revenue rose 19% — more lent, less earned on each dollar.
In plain English
Big investors — pension funds, insurers — own shares and bonds they mean to sit on for years. Other firms in the market need those exact shares or bonds in hand for a while, and will pay to borrow them.
State Street runs the matchmaking: it lends out holdings belonging to the clients whose assets it already keeps, and splits the fee with the owner. It calls itself one of the three largest lenders of this kind. Small money next to custody, and it comes off the same shelf of client assets — but the fee per loan keeps shrinking, so the pile lent out has to grow just to stand still.
Competes with Agency securities lending (BNY) · Agency securities lending (Northern Trust)
State Street Alpha and Charles River DevelopmentThe software arm: Charles River's tools for running portfolios, bundled with custody underneath as State Street Alpha. $903M in FY2025, up only 2%. Charles River's subscription base reached $418M a year at the end of 2025, up 11%, while one-off licence sales make quarters lurch.The software arm: Charles River's tools for running portfolios, bundled with custody underneath as State Street Alpha. $903M in FY2025, up only 2%. Charles River's subscription base reached $418M a year at the end of 2025, up 11%, while one-off licence sales make quarters lurch.
In plain English
Fund managers need a screen where they decide what to buy, check how risky it is, and send the order to market. Charles River is one of the systems they use, and State Street owns it. Bolt it onto the custody and accounting underneath and you get State Street Alpha: one supplier from the first trade idea to the final record.
Customers either subscribe by the year or buy a licence outright and install it on their own machines. Subscriptions build steadily; outright sales land in lumps, so a strong quarter makes the next one look grim. The real prize is the bundle — a manager already running on Charles River is easier to pull away from a rival custodian.
Competes with Aladdin (BlackRock) · SimCorp (Deutsche Börse) · AIM order and portfolio management (Bloomberg)
Named in filings, launches and programs
- SPY — SPDR S&P 500 ETF TrustProductThe oldest American exchange-traded fund, holding roughly $780B — now the third-largest of the three big S&P 500 funds.
- SPYM / Trump AccountsCustomer program · RampingSelected by the U.S. Treasury on July 1, 2026 as the exclusive default fund for Trump Accounts — retail money routed in by default.
- UCBG — SPDR UC Investments 90/10 Endowment Strategy Index ETFCustomer programLaunched September 2026 with a $2.5B anchor investment from UC Investments; still holding about $2.5B a week later.
- Alternatives ETF partnerships — Blackstone, Apollo, BridgewaterCustomer programPartnerships packaging private-market strategies into exchange-traded funds, including a euro fund of top-rated bundled loans built with Blackstone.
- Ninety One co-branded active ETFsCustomer program · AnnouncedA software client turned fund partner: hand-picked funds carrying both names, announced in the second quarter of 2026.
- SSCXX — State Street Stablecoin Reserves Money Market FundProductLaunched June 2026 to hold the cash backing digital dollar tokens for the firms that issue them.
- State Street Galaxy Onchain Liquidity Sweep FundProduct · RampingA round-the-clock cash fund recorded on a digital ledger, run with the partner firm Galaxy.
- GlobalLink — FX Connect, Currenex, Fund ConnectPlatformThe screens where clients arrange currency trades and place fund orders themselves; State Street collects a charge on each one.
- Apex Fintech SolutionsBrandMinority stake taken September 2025 in a clearing firm with 22 million brokerage accounts — the foundation of the wealth push. Size undisclosed.
- Coller CapitalBrandMinority stake disclosed January 2026, tied to a partnership in second-hand private-market fund stakes. Size undisclosed.
- Groww AMCBrandMinority stake taken January 2026 in the fund-management arm of an Indian digital investing platform. Size undisclosed.
- Santander CACEIS Latam Securities ServicesBrand · AnnouncedAgreement signed July 2026 to buy a Brazil, Mexico and Colombia custody venture holding about $470B of client assets; closing expected 2027, price undisclosed.
- Other fee revenueSegment$236M in FY2025, about 2% of revenue — value adjustments and lending-related charges that fit nowhere else.
SPY — SPDR S&P 500 ETF TrustProduct
The oldest American exchange-traded fund, holding roughly $780B — now the third-largest of the three big S&P 500 funds.
SPYM / Trump AccountsCustomer program · Ramping
Selected by the U.S. Treasury on July 1, 2026 as the exclusive default fund for Trump Accounts — retail money routed in by default.
UCBG — SPDR UC Investments 90/10 Endowment Strategy Index ETFCustomer program
Launched September 2026 with a $2.5B anchor investment from UC Investments; still holding about $2.5B a week later.
Alternatives ETF partnerships — Blackstone, Apollo, BridgewaterCustomer program
Partnerships packaging private-market strategies into exchange-traded funds, including a euro fund of top-rated bundled loans built with Blackstone.
Ninety One co-branded active ETFsCustomer program · Announced
A software client turned fund partner: hand-picked funds carrying both names, announced in the second quarter of 2026.
SSCXX — State Street Stablecoin Reserves Money Market FundProduct
Launched June 2026 to hold the cash backing digital dollar tokens for the firms that issue them.
State Street Galaxy Onchain Liquidity Sweep FundProduct · Ramping
A round-the-clock cash fund recorded on a digital ledger, run with the partner firm Galaxy.
GlobalLink — FX Connect, Currenex, Fund ConnectPlatform
The screens where clients arrange currency trades and place fund orders themselves; State Street collects a charge on each one.
Apex Fintech SolutionsBrand
Minority stake taken September 2025 in a clearing firm with 22 million brokerage accounts — the foundation of the wealth push. Size undisclosed.
Coller CapitalBrand
Minority stake disclosed January 2026, tied to a partnership in second-hand private-market fund stakes. Size undisclosed.
Groww AMCBrand
Minority stake taken January 2026 in the fund-management arm of an Indian digital investing platform. Size undisclosed.
Santander CACEIS Latam Securities ServicesBrand · Announced
Agreement signed July 2026 to buy a Brazil, Mexico and Colombia custody venture holding about $470B of client assets; closing expected 2027, price undisclosed.
Other fee revenueSegment
$236M in FY2025, about 2% of revenue — value adjustments and lending-related charges that fit nowhere else.