State Street

The Boston-based custody bank has acquired PriceStats, a private economic researcher. The move comes at a time when federal data agencies are weathering budget cuts, political attacks and a government shutdown.

Milrod, a champion of innovation, has strengthened State Street's position in the digital assets space, including securing three of the 11 Bitcoin and Ethereum ETFs launched this year.

Fogarty, who was promoted to chief operating officer of investment services in July, leads the firm's largest business unit.

A passion for helping people and institutions achieve their financial goals has fueled Hung's 35-year career.

Citizens Financial Group's promotion of Brendan Coughlin to company president comes at the same time as CFO John Woods prepares to leave for State Street. Both executives have been viewed as potential successors to CEO Bruce Van Saun.

The investment and custody bank beat Wall Street estimates on net income but missed on revenue expectations. An increase in fee revenue offset stagnant net interest income. Management expects more of the same for the rest of the year.

The custody bank achieved its goal for the amount of deposits it placed into minority banks and community development financial institutions by the end of the year.

Heinel is the first female global chief investment officer at State Street Global Advisors, the world's fourth-largest asset manager.

Fogarty and her team are responsible for custody, reconciliations, derivatives, bank loans, middle-office, investment analytics, accounting and fund administration, alternative operations, and transfer agency activities for State Street.

Hung joined State Street Global Advisors in December 2022, following a 12 year stint at New York Life Investments, including 7 1/2 years as its CEO.

Milrod has led the bank's foray into digital finance and its efforts to become more product-driven.

The Boston-based custody bank will place deposits at Carver State Bank, Citizens Trust Bank and Ponce Bank as part of its broader effort to help reduce the wealth gap. State Street plans to place a total of $100 million of deposits at minority depository institutions this year.

Societe Generale has been seeking more than $1.1 billion for the business, according to the people, sources told Bloomberg News. 

The departures are occurring during a period of heightened U.S. political backlash against the environmental, social and governance investing strategy. Republican officials across the country have launched investigations into banks and asset managers, introduced anti-ESG laws and pulled funds from firms such as BlackRock, which championed sustainable investing.

Women focused on environmental, social and governance issues are seeing career opportunities open as sustainable finance initiatives become more critical to a bank's success.

When State Street announced plans to acquire Brown Brothers Harriman Investor Services last year, it turned to a trusted executive to oversee the integration: Donna Milrod, who was leading both State Street's Global Asset Managers segment and the Global Clients division.

In June 2021, Nadine Chakar, the three-decades long industry veteran, was appointed to lead State Street Digital, a new business division. The division is designed to help institutional investors, regulators, and State Street itself successfully transition into a modern digital economy.

The Boston-based firm plans to close its two midtown Manhattan offices, the company said. Its New York-based staff will work remotely or from buildings in New Jersey and Connecticut.

State Street is set to offer cryptocurrency reporting, reconciliation and processing services to its private-fund clients in the latest sign that digital assets are gaining acceptance on Wall Street.

BNY Mellon and State Street have been granting millions of dollars in discounts to ensure investors in money market mutual funds stay in the black. Recent moves by the Fed are expected to relieve the pressure.