State Street Bank and Trust Company
| Company type | Subsidiary |
|---|---|
| Industry | Banking, Financial services |
| Headquarters | Massachusetts , United States |
| Products | Custody, clearing, settlement, payment processing, accounting, financial reporting, investor services, analytics, transaction management, recordkeeping, brokerage, loan financing |
| Parent | State Street Corporation |
State Street Bank and Trust Company (SSBT), also referred to as State Street Global Services, functions as a trust company and is a subsidiary of State Street Corporation, headquartered in Massachusetts. It holds the position of the largest custodian bank worldwide, providing services such as clearing, settlement, and payment processing primarily to institutional investors, including mutual funds.
History
Prior to 1999, SSBT engaged in retail banking and commercial lending activities; however, these operations were divested to Citizens Financial Group for $350 million.
Operations
As reported in December 2022, SSBT oversees assets under custody and administration, ranking it as the foremost custodian bank on a global scale. Its portfolio of securities services encompasses clearing, settlement, payment processing, custody, accounting, financial reporting, investor services, analytics, transaction management, recordkeeping, brokerage functions, and loan financing.
SSBT serves as the parent entity of State Street Global Advisors Trust Company, which administers State Street Global Advisors (SSGA), a prominent registered investment advisor. This trust company holds trustee responsibilities for SSGA's US unregistered collective and common trust funds, various SSGA ETFs including the SPDR S&P 500 ETF Trust, along with separately managed accounts. Overall, SSBT represents the key operational unit within its parent organization, State Street Corporation.
Historical data
By the close of 2008, State Street Bank and Trust Company was ranked the tenth largest U.S. bank by total assets when excluding subsidiaries.
See also
- State Street Bank v. Signature Financial Group (1998 U.S. patent law decision)