State Street is one of the world's largest custody banks, providing financial infrastructure to institutional investors including asset managers, pension funds, insurance companies, and sovereign wealth funds. State Street's core business is Investment Servicing — holding and safekeeping assets on behalf of clients, and wrapping around that a suite of back- and middle-office services including fund accounting, fund administration, compliance reporting, collateral management, and FX and securities finance. As of year-end 2025, State Street serviced $53.80 trillion in assets under custody/administration. Investment Servicing fees are earned primarily as a basis points fee on AUC/A, so revenue grows as markets rise, State Street wins new mandates, or clients use additional services. State Street also runs State Street Investment Management (formerly State Street Global Advisors), which manages approximately $5.67 trillion in AUM, built primarily around passive and systematic strategies with a flagship ETF franchise — the SPDR suite — including SPY, the world's oldest ETF. A secondary revenue driver is net interest income, earned by investing large, relatively stable operational deposits from custody clients. State Street's growth strategy focuses on State Street Alpha, a front-to-back platform combining Charles River Development's front-office tools with State Street's middle- and back-office services; private markets servicing, which grew double digits in 2025 and represents roughly 10% of servicing fees; wealth management via a partnership with Apex Fintech Solutions; and digital assets, where State Street launched a tokenization platform in early 2026.