BOSTON — State Street Global Advisors had a record $1.75 trillion in assets under management as of Dec. 31, up 7.4% from the prior quarter and up 22% from the year before. Asset management fees for the latest quarter came to $253 million, up 6% from the prior quarter and up 19% from the year before. SSgA contributed 16% of parent company State Street Corp.'s overall revenue for the latest quarter. State Street Corp. reported net income of $291 million for the quarter, up 4.7% from the prior quarter and up 17% from the year before. In a news release, State Street Chairman Ronald E. Logue, noting that SSgA's revenue for calendar 2006 jumped 26% from the previous year, said the money management arm is increasingly becoming a more meaningful contributor to the parent company's finances.
Other money managers announced their assets under management for the fourth quarter.
• JPMorgan Chase & Co. reported record assets under management of $1 trillion, up 7% from the end of the third quarter and 20% higher than a year earlier. Net income from asset management in the fourth quarter was $407 million, 19% above the year-ago period, while revenue soared 29% to a record $1.9 billion over the same period. The firm said the increases resulted from net asset inflows in both the institutional segment, up 55%, mostly in liquidity products, and the retail segment, up 29%, mostly in equity products, according to the company's earnings statement.
• Mellon Financial reported record assets under management of $995 billion, up 8% from the prior quarter and up 27% from the year before. In a news release, President and CEO Robert P. Kelly cited the especially strong growth at Mellon Asset Management for the parent company's latest gains: net income for the quarter ended Dec. 31 came to $237 million, up 6.8% from the prior quarter and up 14% from the year before. The $77 billion jump in assets under management during the most recent quarter included $14 billion in net inflows and more than $28 billion from the acquisition of Walter Scott & Partners, which closed on Oct. 2. Investment management fee revenue surged 39% from the prior quarter to a record $797 million, and rose 52% from the year-earlier quarter.
• Northern Trust reported $697 billion for the quarter, up 4.4% from the previous quarter and up 12.8% from the same time last year, according to a news release. Net income for the fourth quarter was $170.8 million, up 4.3% from the previous quarter and up 15.7% from a year ago. Revenue totaled $776 million as of Dec. 31, up 3.5% from the prior quarter and up 12% from last year. The year's profits were driven by double-digit growth in client assets, and the firm expects continued growth this year, said William Osborn, chairman and CEO, in a news release.
• Bank of New York reported $190 billion in assets under management for the quarter ended Dec. 31, up 6.1% from the end of the third quarter and up 22.6% from the previous year, according to an 8-K filing. Net income totaled $435 million for the quarter, up from $405 million a year earlier, adjusted to exclude data associated with the October deal in which the bank sold its retail business to JPMorgan Chase and bought the firm's corporate trust business. Net income for the year was $1.7 billion, compared with $1.6 billion the year before.