Industry Headwinds Are Pushing Against State Street
Wide-moat-rated State Street reported OK second-quarter results and announced the acquisition of Charles River Development, which it expects to complete by the end of 2018. There were a number of moving parts, and after updating our models, we are dropping our fair value estimate to $100 from $107. We note that this updated estimate only gives State Street credit for half of the revenue synergies it expects from the CRD acquisition and assumes fairly conservative noninterest income CAGR of 5% th...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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