State Street Global Advisors had $2.81 trillion in assets under management as of Sept. 30, up 3.2% from the end of the previous quarter and 5.1% higher than a year earlier, according to parent company State Street Corp.'s earnings release Friday.
In a conference call Friday, Jay Hooley, State Street president and CEO, said quarterly AUM rose on the strength of equity markets and exchange-traded fund inflows resulting from the introduction of low-cost investment products in late 2017.
SSGA experienced total net inflows of $8 billion in the third quarter, compared to net outflows of $14 billion the previous quarter and net outflows of $25 billion quarter in the quarter ended Sept. 30, 2017. By asset class, equity net inflows were $41 billion, while net outflows were reported in cash, at $19 billion; fixed income, $8 billion; alternative investments, $5 billion; and multiasset strategies, $1 billion.
Long-term institutional net inflows in equity were $29 billion, vs. net outflows of $11 billion in fixed income, $2 billion in alternatives and $1 billion in multiasset strategies.
Market appreciation for the latest quarter was $86 billion.