State Street Bank and Trust Company is a custodian bank with headquarters in Boston MA. The bank does not provide traditional consumer or retail banking services. It serves institutions with specialization in mutual funds, collective investment funds, pension funds, and other investment management and servicing services. It is a trust company that that functions as trustee to safeguards the financial assets belonging to a company or individual.
By the end of 2011, the company has assets of over $23 trillion under its custody and administration, with an additional $2 trillion under its management portfolio. State Street is regarded as an industry leader and it currently ranks among the top ten financial institutions in the US in terms of assets. According to FDIC, the company was having a total asset of over $239 million with a net profit of nearly $2 million in the last quarter of 2013.
State Street Bank and Trust Company started its operation long back in 1792 under the same name. In 2000, it acquired Investors Fiduciary Trust Company in Kansas City, Missouri and then in 2007, it went on acquiring the Investors Bank & Trust Company in Boston, Massachusetts. With awards and felicitations, such as the best foreign exchange providers by Global Finance and the top provider of US mutual fund custody and accounting services by Mutual Fund Service Guide, State Street has proved its strengths as the leader of trust services across the globe.