State Street Global Advisors had $2.176 trillion in assets under management as of March 31, up 4.3% from the prior quarter and 9.9% higher than the previous year, according to parent company State Street Corp.’s earnings announcement Friday.
SSgA’s investment management fees totaled $263 million for the quarter ended March 31, even with the previous quarter but up 11.4% from 12 months earlier.
Parent company State Street Corp. reported net income for the latest quarter of $455 million, compared to $468 million in the previous quarter and $417 million in the year-ago quarter.
Parent company revenues, meanwhile, came to $2.4 billion, down 1% from the prior quarter but up 1% from the year before.
Total assets under custody were $25.42 trillion, up 4.3% from three months earlier and up 9.5% from the first quarter of 2012.
For the quarter, SSgA’s passively managed AUM came to $1.677 trillion, up 5.1% from the previous quarter and 15.2% higher than the first quarter 2012. Within that total for the latest quarter, ETF-related AUM came to $354 billion, up 5% from three months earlier and 15% above the year-ago quarter. Actively managed AUM stood at $119 billion as of March 31, down 4% from the prior quarter and 7.8% below the previous year. Cash-related AUM stood at $380 billion, up 3.5% from the fourth quarter but down 3.8% from the year-ago quarter.
Joseph L. Hooley, State Street’s chairman, president and CEO, said in an earnings call with analysts on Friday that AUM increases were “driven by strength in the global equity markets and net new assets to be managed.”
“We experienced net ETF outflows of $6 billion from both our gold ETF amidst declining gold prices and from our S&P 500 ETF, which historically has outflows in the first quarter as institutions reposition their risk profile in the market,” Mr. Hooley said.