State Street, the world's third largest institutional investor, has reported a 19% rise in first-quarter operating profits as improved financial markets and acquisitions boosted revenue.
State Street said that, excluding once-off items, earnings rose to $444m, or 88 cents a share, from $371m, or 75 cents a share, year earlier.
Net profit was $471m, or 93 cents a share, compared with $495m, or 99 cents, a year earlier. Late last year the company took a once-off charge to re-position its portfolio and cut jobs. Revenue climbed 10% to $2.3 billion.
Assets under custody and administration rose 19% from a year earlier to $22.6 trillion. Assets under management rose 7.7% from a year ago to $2.1 trillion, as investment management fees earned at the company's State Street Global Advisors unit increased, in part because of improved financial market conditions.
State Street also recently bought Bank of Ireland Asset Management, which the company said was off to a good start. The company employs more than 2,000 people overall in Ireland.
