State Street Bancorp, one of the nation’s largest commercial banks, is repositioning itself to take advantage of what it expects will be a windfall of new compliance obligations heaped on asset managers.
State Street is a major provider of outsourced services to asset management firms.
Citing “conversations with government officials,” Ron Logue, chairman and chief executive of State Street, said he has “no doubt” that the new reporting obligations will yield his bank more service fee income.
The company’s fee revenue in the third quarter was $1.9 billion, up from $1.8 billion a year earlier.
State Street was one of nine banks in the first round of TARP capital investments.
Editor’s Note: Report filed by JJ Hornblass