Cost Cuts Can't Save State Street From Fee Pressures; Revenue and Net Income Drop Sharply in 1Q
The difficulties continued for wide-moat State Street in first-quarter 2019, as it has for the entire industry. Adjusted earnings per share were down 23% as total revenue was down 4% and expenses were up 1%, leading to a decline in net income of 23%. These results were similar to what we saw BNY Mellon report last week. State Street was able to cushion its net interest margin a bit more, down only 1 basis point compared with fourth-quarter 2018, and the bank did see slightly lower overall deposi...State Street is a financial holding company. Through its subsidiaries, the company provides a range of financial products and services to institutional investors. The company's clients include mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations, endowments and investment managers. The company's Investment Servicing line of business performs custody and related functions, such as providing institutional investors with clearing, settlement and payment services. The company's Investment Management line of business, through State Street Global Advisors, provides a range of investment management strategies and products for its clients.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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