State Street Global Advisors reported $2.296 trillion in assets under management as of March 31, up 2.3% from three months prior but down 6% from a year earlier, parent company State Street Corp.'s earnings release said Wednesday.
SSgA experienced total net inflows of $13 billion during the first quarter, compared to net outflows of $19 billion during the fourth quarter and net outflows of $38 billion during the first quarter of 2015. Equities had $1.327 trillion in AUM as of March 31, flat from Dec. 31 but down 10% from March 31, 2015. Meanwhile, cash had $381 billion in AUM, up 3.5% from three months earlier but down 3.2% from a year earlier; fixed income, $327 billion, up 4.8% and up 1.2%; alternatives, $152 billion, up 11.8% and up 8.6%; and multiasset-class solutions, $109 billion, up 5.8% from three months prior but down 5.2% from 12 months earlier.
Assets under custody and administration were $26.943 trillion, down 2.1% from March 31 and down 5.4% from March 31, 2015. New asset servicing mandates totaled $264 billion during the first quarter, compared to $300 billion in the fourth quarter.
SSgA's investment management fees were $270 million in the first quarter, down 4.3% from the previous quarter and down 10.3% from the first quarter of 2015.
Revenue for parent State Street Corp. was $2.48 billion for the quarter, down 2.1% from the prior quarter and down 4.5% from the year-earlier quarter. State Street's net income was $319 million for the first quarter, compared to net income of $547 million during the fourth quarter of 2015 and $373 million during the first quarter of 2015.