Business Case Scenario: State Street Bank - Investment Bank (Custodian Bank) and the Use of IT services
State Street Corporation, known as State Street, is a US-based international financial services holding company. State Street was founded in 1792 and is the second oldest financial institution in the United States. The company’s headquarters are at One Lincoln Street in Boston and it has offices in 25 countries State Street is organized into three main divisions. The Global Services business is a custodian bank with $28 trillion (USD) of assets under custody and administration. The Global Advisors business provides investment management services and has $2.3 trillion (USD) of assets under management. The Global Markets business offers investment research and trading services to institutional investors. State Street Global Advisors
Global Advisors is State Street’s asset management business and dates back to 1978. It provides investment management, research, and advisory services to corporations, mutual funds, insurance companies, and other institutional investors. Global Advisors develops both passive and active management strategies using both quantitative and fundamental approaches. It created the first exchange-traded fund in 1993, the SPDR S&P 500, and is now one of the world’s largest ETF providers. Global Advisors has staff in 27 global offices and claims to have over $2.3 trillion (USD) of funds under management. These days every transaction that occurs is digital and monitored by the stock exchanges for malpractice. This was a major problem to many an institutions because suddenly they had to upgrade from their legacy systems to the modern platform. IT Services provided the perfect solution as not only would it upgrade their systems but also at the same time maintain the enormous data inflows from various zones and provide solutions to improve the process and make it more automated this saved was boon to the banking industry as they...
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