State Street disavows claims of asset management sale – reports

Speaking during the company’s Q3 earnings call, executives declined to comment on reports that there were ongoing conversations with competitors to offload its asset management arm.

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Rumours of a deal were sparked by a Wall Street Journal report, which said the firm had been in merger talks with Invesco, while Bloomberg reported the firm was in conversation with UBS last December.

State Street Global Advisors stood at $3.9trn in assets under management at the end of September, up 26% from the previous year, which the manager attributed to a surge of inflows into ETFs, which crossed the $1trn threshold this quarter.

Eric Aboaf, chief financial officer at State Street, said the asset management arm was “a business that helps us strategically from a portfolio perspective”, adding it was “a bit of a laboratory for us to test out different things that give us an insight into the rest of the marketplace”.

“Our overriding goal would be to continue to participate in the business, assuming that we can continue to improve performance.

“We like the business, and we particularly like our business.”


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