State Street Global Advisors reported $2.37 trillion in assets under management as of June 30, down 2.8% from March 31 and down 4.3% from June 30, 2014, parent company State Street Corp.'s earnings release said Friday.
The firm experienced total net outflows of $65 billion during the second quarter of 2015, compared to net outflows of $38 billion during the first quarter.
Equities reached $1.422 trillion in AUM at June 30, down 3.4% from March 31 and down 0.7% from June 30, 2014. Cash, meanwhile, saw $376 billion in AUM, down 4.3% and down 9% in the same periods, respectively; fixed income, $320 billion, down 1% and down 10%; alternatives, $138 billion, down 1.4% in the quarter but up 3.8% from last year; and multiasset-class solutions, $118 billion, up 2.6% from three months prior but down 21.3% from 12 months earlier.
Assets under custody and administration rose to $28.65 trillion, up 0.6% from March 31 and up 0.9% from June 30, 2014. New asset servicing mandates totaled $143 billion during the quarter, compared to $214 billion during the first quarter.
SSgA's investment management fees were $304 million in the second quarter of 2015, up 1% from the previous quarter and up 1.3% from the second quarter of 2014.
Revenue for parent State Street Corp. was $2.61 billion for the quarter, flat from the prior quarter but up 0.6% from the year-earlier quarter. State Street's net income of $393 million was 4.2% higher than the previous quarter but 34.7% lower than the same period a year ago.
Spokeswoman Anne McNally attributed the year-over-year drop in income to the low-interest-rate environment, high levels of deposits and the lack of risk-on activities combined with the stronger U.S. dollar.
