State Street Bank and Trust Company
State Street Bank and Trust Company or simply State Street is a custodian bank organized as a Massachusetts trust company specializing in services to mutual funds and their advisers, collective investment funds, corporate and public pension funds, insurance companies, operating companies and non-profit organizations. It is a subsidiary of the State Street Corporation, and used to also provide retail banking and commercial lending products until it sold off that division in 1999 to Citizens Financial Group (a subsidiary of the Royal Bank of Scotland), of Providence, Rhode Island. The retail banking and commercial lending units were sold for $350 million.
State Street, and its sister company State Street Global Advisors (SSgA), which is a leading registered investment advisor, together comprise the principal operating companies within parent company State Street Corporation.
State Street provides core investment custody,hgv fund or investment/securities accounting, fund administration, securities finance and transfer agent services to institutional clients like those named above. It provides these services in North American cities including Boston, New York City, Kansas City, Toronto, and Irvine, California, and in many international financial centers such as London, Frankfurt, Munich, Cologne, Vienna, Grand Cayman, Hong Kong, Beijing, Dublin, Luxembourg and Tokyo. It has recently outsourced or offshored parts of its operations to joint venture operations in Mumbai, Pune and Krakow in an effort to reduce labor costs and match competitor custodians and wall street firms following the same strategy.
State Street also provides "middle office" services such as trading operations and a California affiliate provides reconciliation services to investment banks with the help of Syntel. State Street Syntel Services Private Limited (SSSSPL) is a joint venture entity that executes reconciliation for investment banks worldwide.
State Street Bank and Trust Company was the tenth largest bank at the end of 2008 as an individual bank. (Not including subsidiaries)
- State Street Bank v. Signature Financial Group (1998 U.S. patent law decision)
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