State Street Corp.'s first-quarter profit rose 4% on one-time gains as the institutional money-management firm benefits from strong fee revenue.

But President and Chief Executive Joseph Hooley noted, "Net customer cash flows, including customer wins and losses, were modestly negative. This decline, however, was more than offset by appreciation of assets under management." Hooley succeeded Ronald E. Logue, who left the company in March after spending more than two decades with the money manager.

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