State Street CorporationNYSE
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  • Wed, Mar. 30, 7:11 AM
    • State Street (NYSE:STT) has agreed to acquire General Electric's (NYSE:GE) asset management business for up to $485M. Upon closing, the transaction will increase State Street Global Advisors' AUM by approximately $100B.
    • State Street also anticipates the transaction, which is expected to be finalized in early Q3, to be accretive to operating-basis EPS for the first full 12–month period following closing.
    • Previously: GE to sell $1.4B U.S. hotel franchise loan portfolio (Mar. 29 2016)
    | Wed, Mar. 30, 7:11 AM | 9 Comments
  • Oct. 13, 2015, 2:36 PM
    • With a sluggish economy and low rates making for a challenging banking environment, lenders are subject to growing ranks of shareholder activists, reports SNL Financial.
    • A bank with an ROE in the 5-6% range when the cost of capital is closer to 9% or 10% is going to make for a ripe target, says RBC's Gerard Cassidy. And those activists have an ally in proxy advisory firms which have recently been in favor of the shareholders instead of management teams, says Sandler O'Neill's Emmett Daly. Daly notes the pending sale of Metro Bancorp (NASDAQ:METR) to F.N.B. Corp. (NYSE:FNB) - Metro went from having no activists to a handful. "I don't think anyone is too strong," says Daly.
    • Other campaigns include Trian and Bank of New York Mellon (NYSE:BK) and State Street (NYSE:STT), Greenlight and Citizens Financial (NYSE:CFG) and CIT Group (NYSE:CIT), and Basswood and First California (NASDAQ:FCAL), Bank of California (NYSE:BANC), Hudson Valley Holding (NYSE:HVB), Synovus (NYSE:SNV), Astoria (NYSE:AF), and the above-mentioned Metro.
    | Oct. 13, 2015, 2:36 PM | 3 Comments
  • Oct. 22, 2012, 1:24 PM

    Credit Suisse's (CS) $17B European ETF business is on the block, with bids already in from BlackRock (BLK) and State Street (STT), according to Reuters. A win would beef up State Street's puny offerings in the region, or add to BlackRock's already dominant presence.

    | Oct. 22, 2012, 1:24 PM
  • Oct. 21, 2012, 3:24 AM
    Credit Suisse (CS) is auctioning its $17.2B European exchange-traded fund unit and has received offers from BlackRock (BLK), State Street Global Advisors (STT) and other, Reuters reports. A deal with BlackRock could raise antitrust concerns given the U.S. firm's 40%+ hold of the $309B European market. The sale by CS is part of its efforts to raise capital to meet new regulatory rules.
    | Oct. 21, 2012, 3:24 AM
  • Jul. 17, 2012, 7:24 AM

    State Street (STT) agrees to purchase Goldman Sachs Administration Services for $550M, expecting to close on the deal in Q4. GSAS administers about $200B for about 150 hedge fund clients. State Street expects the deal to be accretive to earnings in the first year. (PR)

    | Jul. 17, 2012, 7:24 AM
  • Jun. 11, 2012, 3:05 AM

    Goldman Sachs (GS) is reportedly in advanced discussions to sell its hedge fund administration business to State Street (STT), a move that would create an administration services provider behemoth with funds under administration of close to $700B.

    | Jun. 11, 2012, 3:05 AM
  • Jan. 20, 2012, 2:34 AM

    State Street (STT), JPMorgan (JPM) and Ameriprise Financial (AMP) are said to be among the finalists in the bidding for Deutsche Bank's (DB) global asset management division. Deutsche expects the sale to fetch over €2B ($2.6B).

    | Jan. 20, 2012, 2:34 AM
  • Aug. 5, 2011, 9:44 AM
    DST Systems' (DST +4.8%) board votes down a request by RDG's Russell Glass to be appointed to the company's board, and opts to pass on the activist investor's offer - aimed at raising cash for a stock repurchasement plan - to buy 10.3M shares the firm holds in State Street (STT +1.4%).
    | Aug. 5, 2011, 9:44 AM
  • Aug. 3, 2011, 11:48 AM

    RDG Capital, which is offering to take over DST Systems (DST +0.8%), proposes buying the data processor’s 10.3M shares in State Street (STT -0.8%) to help finance a special dividend or share buyback. RDG's Russell Glass says the State Street offer has no bearing on his current offer to buy DST.

    | Aug. 3, 2011, 11:48 AM