SSGA ends 2023 with $4.13 trillion in AUM, on cash, ETF inflows

State Street Global Advisors ended 2023 with $4.13 trillion in assets under management, up 12% for the quarter ended Dec. 31 and up 19% year over year on the back of strong inflows for the Boston-based firm's cash and exchange-traded fund offerings, parent company State Street reported Jan. 19.

State Street executives said SSGA garnered record net cash inflows of $76 billion for the year and expanded the firm's market share in both institutional money market funds as well as U.S. low-cost ETFs.

For the year, ETF inflows came to $88 billion, while long-term institutional strategies saw net outflows of $39 billion.

Of SSGA's $4.13 trillion in AUM, equity strategies accounted for the biggest chunk at $2.51 trillion, or just more than 60% of the total, followed by fixed income with $609 billion, or roughly 15%; cash, with $467 billion, or 11%; multiasset, with $310 billion, or 7.5%; and alternatives, at $229 billion, or 5.5%.

Executives on State Street's earnings call said SSGA garnered 21% of global ETF flows in the fourth quarter. An SSGA spokeswoman couldn't immediately be reached for further comment.

For the fourth quarter, meanwhile, SSGA had record net inflows of $103 billion, primarily driven by strength in ETFs and cash, with ETFs, cash and long-term institutional offerings reporting net inflows of $68 billion, $29 billion and $6 billion respectively.

Investment management revenues for 2023 came to $2.1 billion, up 5% from the year before.

Pretax income came to $539 million, down 9% year over year.