State Street Global Advisors had a record $1.4 trillion in assets under management as of Dec. 31, up from $1.2 trillion in the previous quarter, according to parent State Street Corp.'s quarterly earnings report issued today. The increase was credited to new business and increased stock prices. State Street Corp. earned $184 million, or 55 cents a share, on revenue of $1.3 billion; that's a rise from $177 million, or 52 cents a share, on revenue of $1.2 billion, in the third quarter. Assets under custody rose to $9.5 trillion from $9 trillion.
"Having announced our 2005 goals in November 2004, we expect operating earnings per share growth of 10% to 15%, operating revenue growth of 8% to 12%, and an operating return on equity of 14% to 17%," Ronald E. Logue, State Street Corp. chairman and CEO, said in a news release. "In 2005, we continue to expect to deliver at the lower end of this range based on the current environment."
