State Street Global Advisors had $2.81 trillion in assets under management as of March 31, up 11.7% from three months earlier and 2.8% higher than a year earlier, parent State Street Corp.'s earnings release Tuesday showed.
SSGA experienced strong net inflows in the latest quarter compared to the previous three months. Net inflows were $73 billion in the quarter ended March 31 vs. net outflows of $47 billion in the previous quarter and net outflows of $26 billion in the first quarter of 2018.
Despite the reversal in inflows, Ronald P. O'Hanley, State Street's president and CEO, told analysts during an earnings call that "investment inflows are way below recent trends," noting that "investor confidence remains low relative to trend." Mr. O'Hanley attributed investor nervousness to issues including Brexit, the prospect of higher interest rates and general market uncertainty.
By asset class, equities attracted $47 billion in inflows, compared to outflows of $11 billion and $55 billion, respectively, in the fourth and first quarters in 2018.
Cash had inflows of $24 billion in the three months ended March 31 compared to outflows of $30 billion in the prior quarter and inflows of $7 billion in the quarter ended March 31, 2018.
Multiasset strategies attracted inflows of $5 billion in the first quarter vs. outflows of $2 billion in the prior quarter and inflows of $1 billion in the previous-year quarter. Alternatives continued to attract inflows, with $2 billion in the current quarter and $1 billion in each of the quarters ended Dec. 31 and March 31, 2018.