GLOBAL – Assets under management at State Street Global Advisors, the asset management arm of State Street Corp, have risen 11%.

“Total assets under management were $1.4trn (€1.1bn), up 11%, compared to $1.2trn the previous year,” the Boston-based bank said in its first-quarter earnings report.

Investment management fees rose 20% to $177m, which reflected new business wins and higher equity valuations. State Street’s assets under custody rose to $9.5trn from $9.4trn.

Trading services revenue was flat at $167m. Within this segment, there was a rose in brokerage fees and other revenue “driven by strong transition management business”. This was offset by lower foreign exchange trading revenue.

Overall, the group’s first-quarter net income rose four percent to $226m. Revenues were up seven percent at $1.2bn.

"I am pleased with our overall results,” said chairman and chief executive Ronald Logue. “We're making progress in some key areas, most notably expense controls, which has resulted in positive operating leverage in the first quarter on a consecutive quarter basis.

“We continue to see significant increases in fee revenue, both on a year-over-year and on a consecutive quarter basis. We are still dealing with some issues that will temper our results for the remainder of the year, particularly rising interest rates and the ongoing repositioning of our real estate.”

Earlier this year, two senior staff left SSGA: chief investment officer Alan Brown and UK managing director Nigel Wightman.

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