Key Takeaways State Street invests in Apex to create a global digital custody and clearing platform.Apex supports 22M accounts with $200B assets via its API-driven wealth platform.STT combines $3T Charles River platform with Apex technology to scale wealth services.State Street Corporation (STT) is teaming up with Apex Fintech Solutions in a move that signals its ambition to transform the wealth management infrastructure. The partnership includes a minority investment by State Street into Apex and aims to d ...

Core Insights - The integration of traditional finance and digital assets is undergoing a structural transformation, with major financial institutions rapidly tokenizing real-world assets (RWA) and incorporating them into core financial operations [1][2]. Group 1: Innovations in Financial Instruments - Three key areas of innovation include custom money market funds for stablecoins, blockchain-based intraday repurchase agreements, and fully digital commercial paper issuance [2]. - Traditional financial institutions are actively entering the stablecoin market, viewing it as a crucial bridge between the digital and real worlds. Notably, BNY Mellon is preparing to launch a stablecoin reserve money market fund, following BlackRock and Goldman Sachs [3][4]. - The BNY Dreyfus Stablecoin Reserves Fund will primarily invest in U.S. Treasury securities, repos, and cash, with a focus on compliant reserve assets for stablecoin issuers [3]. Group 2: Blockchain in Liquidity Management - The report highlights two significant advancements in the repurchase market utilizing blockchain technology to address liquidity needs outside traditional trading hours [4][5]. - A standard repurchase transaction was completed on the Canton Network, showcasing instant settlement without intermediaries, involving major institutions like Citadel [4]. - A collaboration between JPMorgan, HQLAx, and Ownera has led to a cross-ledger repurchase solution, allowing precise settlement times and enhancing intraday liquidity management [5]. Group 3: Digital Transformation of Commercial Paper - The application of blockchain technology has penetrated the core processes of traditional debt instruments, exemplified by the issuance of $100 million in U.S. commercial paper by OCBC Bank using JPMorgan's digital debt services [6][7]. - State Street purchased the entire issuance, becoming the first third-party custodian to utilize digital debt services, enhancing efficiency and transparency in the process [8]. Group 4: Regulatory Landscape - The intersection of digital assets and traditional finance is just the beginning, with the development of regulatory frameworks being crucial for widespread adoption. The CLARITY Act aims to establish a comprehensive regulatory framework for all digital assets in the U.S. [9]. - The CLARITY Act has passed the House but is yet to pass the Senate, with expectations that it will not reach the President's desk until early 2026 [9].

Core Viewpoint - State Street Corporation (STT) has outperformed its industry and close peers in terms of stock performance, with a year-to-date increase of 13.3% compared to the industry's 6.3% and the S&P 500's 9.5% rise [1][8] Group 1: Growth Factors - State Street is expanding through strategic acquisitions and partnerships, including collaborations with smallcase and Ethic Inc., and acquiring global custody businesses from Mizuho Financial Group [4][5] - The company has restructured its European joint venture and consolidated its operations in India, which are expected to yield revenue and cost benefits [6][9] - The Zacks Consensus Estimate for State Street's 2025 revenues is $13.68 billion, indicating a year-over-year growth of 4.6% [9] Group 2: Financial Performance - Fee income has shown a four-year compound annual growth rate (CAGR) of 1.7% from 2020 to 2024, with continued growth in the first half of 2025 [10][12] - Assets under custody and administration (AUC/A) and assets under management (AUM) have experienced a four-year CAGR of 4.7% and 8%, respectively [11] - Net interest income (NII) has a CAGR of 7.4% over the past four years, although net interest margin (NIM) contracted to 1.10% in 2024 [13] Group 3: Analyst Sentiment and Valuation - Analysts have revised the earnings estimates for 2025 and 2026 upward by 1.1%, indicating optimism about STT's earnings growth potential [14] - State Street's current forward price/earnings (P/E) ratio is 10.66, lower than the industry average of 11.23, suggesting it is undervalued compared to peers like BankUnited and Fifth Third [17][19] - The company has increased its quarterly dividend by 11% to 84 cents per share and has a share repurchase authorization of up to $5 billion [19][20] Group 4: Investment Outlook - Given its strong fundamentals, robust earnings and sales growth projections, and lower valuation compared to the industry, State Street appears to be an attractive investment option [22]

智通财经APP获悉，在4月初美国关税政策冲击导致美股和美元双双下滑后，美元对冲需求增加。分析 师曾警告称，美国以外的股票投资者将继续大举进行对冲，以防范美元进一步下跌。但如今，道富银行 表示，全球投资者已将对冲美元贬值的头寸降至接近4月初之前的水平，这是近几个月以来趋势的逆 转。 关税引发的动荡打破了一种人们普遍持有的观点，即美元是抵御美股下跌的良好保险。因为在过去风险 情绪恶化的阶段，美元通常会上涨。而4月之后美股和美元携手下滑改变了这种相关性。 不过，Michael Metcalfe指出，海外投资者的行为似乎并没有发生太大转变。他表示："大家都非常关注 这个问题，因为所有人都知道对冲比率很低，它可能会更高。但现实是，现在已经是8月中旬了，而对 冲比率并没有真正上升。" 这可能反映了这样一个事实，即投资者在评估最佳的货币保护水平时，通常会回顾更长的一段时间，比 如三到五年。在此基础上，在美股下跌期间，美元看起来仍然是一个不错的对冲工具。 最重要的是，由于贸易关税的最坏情况似乎已经避免，美元在7月份赢得了一些喘息的机会。与此同 时，美股的反弹使标普500指数重新冲上历史新高。 道富银行编制的数据显示，对冲资金 ...

Core Viewpoint - State Street Corporation's Q2 2025 earnings report shows strong performance with adjusted earnings surpassing estimates, driven by growth in fee income and asset balances, despite challenges from rising expenses and lower net interest income [2][3][4]. Financial Performance - Adjusted earnings per share for Q2 2025 were $2.53, exceeding the Zacks Consensus Estimate of $2.36, and reflecting a 17.7% increase year-over-year [2]. - Total revenues reached $3.45 billion, an 8.1% increase from the previous year, surpassing the consensus estimate of $3.38 billion [4]. - Total fee revenues increased by 6.8% year-over-year to $2.72 billion, driven by growth across most components [6]. Expenses and Income - Non-interest expenses rose to $2.53 billion, an 11.5% increase from the prior year, primarily due to higher costs across various components [7]. - Net interest income (NII) was $735 million, showing a slight decline year-over-year, attributed to lower average short-end rates and a shift in deposit mix [5]. Asset Management - As of June 30, 2025, total assets under custody and administration (AUC/A) were $49 trillion, up 10.6% year-over-year, driven by higher equity market levels and client flows [9]. - Assets under management (AUM) reached $5.12 trillion, a 17.1% increase year-over-year, primarily due to higher market levels and net inflows [9]. Shareholder Returns - In the reported quarter, State Street repurchased shares worth $300 million [10]. Future Outlook - Management anticipates generating $350-$400 million in new servicing fee revenues, with total fee revenues expected to increase by 5-7% year-over-year, up from a prior guidance of 3-5% [12]. - Adjusted expense growth is projected to be 3-4% for 2025, reflecting an increase from the previous outlook of 2-3% [13]. - The company targets a total payout ratio of 80% in 2025 [13].

Core Insights - The OCIO (Outsourced Chief Investment Officer) model has seen significant growth, with assets under management (AUM) increasing over 2.6 times in the past decade, indicating a strong demand for outsourced investment management solutions [3][8][10] - The market is dominated by a few key players, with the top five institutions controlling 67% of the market share, particularly following the acquisition of Vanguard by Mercer, which has led to a rapid increase in Mercer’s AUM market share to over 30% [3][10] - The client base for OCIO services is diversifying, with a notable increase in the share of non-pension clients such as endowment funds, charitable foundations, and private wealth, which are expected to grow at a compound annual growth rate (CAGR) exceeding 10% over the next five years [3][17] OCIO Business Overview - OCIO services encompass a comprehensive range of functions including asset allocation, manager selection, portfolio decision execution, and risk management, tailored to meet the needs of institutional investors and high-net-worth families [7][10] - The OCIO model addresses the gap between asset owners' internal capabilities and their performance expectations, providing a systematic approach to enhance governance and efficiency [7][10] Market Dynamics - The OCIO market is primarily driven by corporate pension plans, which accounted for 61% of the market in 2023, but there is a growing trend towards non-pension clients, indicating a shift in market dynamics [3][17] - The overall AUM in the OCIO sector is projected to grow at a CAGR of 7.9%-8%, with increasing penetration among non-traditional institutional clients [17] Competitive Landscape - Major players like JP Morgan, Mercer, BlackRock, and Goldman Sachs are adopting distinct strategies to capture market share, with varying focuses on technology, ESG integration, and client customization [3][10][38] - The acquisition of Vanguard by Mercer is a significant event in the industry, enhancing Mercer’s capabilities in alternative asset management and solidifying its position as the largest OCIO service provider globally [48][51] Client Segmentation - Different client types, including pension funds, foundations, family offices, and sovereign wealth funds, have unique investment needs and risk profiles, leading to tailored OCIO service models [12][17] - Non-profit organizations and endowment funds are increasingly recognized as critical growth drivers for OCIO services, with a high percentage of providers considering them essential for future growth [26][17] Future Opportunities - The OCIO sector is expected to see growth opportunities in Southeast Asian sovereign funds and healthcare systems, as well as through the optimization of asset allocation models [3][10] - The demand for alternative assets and complex investment strategies is rising, necessitating OCIO providers to enhance their capabilities in these areas [13][17]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views of the Report - Last week, State Street issued broad - industry option strategy products, and other option strategy product lines also expanded. The performance of new and traditional energy in the US has diverged significantly this year, with new energy outperforming traditional energy. The Russell 2000 ETF had a significant outflow, while the overall inflow of broad - based ETFs was positive. The outflow of US domestic stock funds returned to over $10 billion in a single week, and the inflow of bond products was stable [1]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: State Street Issues Broad - Industry Option Strategy Products - Last week, there were 23 new US products. State Street issued option strategy products for its GICS broad - industry ETFs, which invest in existing broad - industry ETFs and sell corresponding call options to gain income, covering all 11 industries. The GraniteShares YieldBOOST product line expanded, with a new product linked to CoinBase, and the YieldMax single - stock Covered Call strategy product was linked to ROBLOX. BlackRock issued an infrastructure active ETF, First Trust issued a nuclear energy product, Dakota issued an active ETF, and PGIM issued 4 ETFs, including 3 corporate bond ETFs with different maturities and a S&P 500 downside protection product [1][6]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Significant Outflow from Russell 2000 ETF - Last week, equity ETFs had an inflow of nearly $10 billion, the inflow of digital currency ETFs slowed down, and commodity ETFs had a slight outflow. Among broad - based ETFs, the Russell 2000 ETF had an outflow of nearly $5 billion, while multiple YieldMax Covered Call products had the highest inflows, and traditional leveraged products had outflows. In the bond market, short - term bonds had inflows and long - term bonds had outflows [1][10][13]. 3.2.2 US ETF Performance: New Energy Significantly Outperforms Traditional Energy - This year, there has been a significant divergence in the performance of new and traditional energy in the US. Different from the high - inflation period of 2021 - 2022, the new energy sector has significantly outperformed the traditional energy sector. The VanEck nuclear energy ETF has risen by over 40%, and other managers also issued similar products last week [1][17]. 3.3 Recent US Ordinary Public Fund Fund Flows - In June 2025, the total amount of non - money public funds in the US was $22.69 trillion, an increase of $0.78 trillion compared to May 2025. The S&P 500 rose by 6.15% in June, and the scale of US domestic equity products increased by 4.26%, slightly lower than the stock increase. From July 16th to July 23rd, US domestic equity funds had a total outflow of approximately $13.5 billion, returning to over $10 billion, while the inflow of bond products was stable [1][19].

Core Viewpoint - A US judge has largely rejected a request by major asset managers, including BlackRock, to dismiss a lawsuit filed by Texas and 12 other Republican-led states, which alleges that these companies violated antitrust laws through climate activism that negatively impacted coal production and increased energy prices [1][5]. Group 1: Lawsuit Details - The lawsuit is one of the most prominent cases targeting efforts to promote environmental, social, and governance (ESG) goals [2]. - The states' claims against the asset managers include allegations of joining Climate Action 100+, an initiative aimed at combating climate change, and using shareholder advocacy to further its objectives [3][4]. - The judge dismissed only three of the 21 counts in the lawsuit, allowing the majority of the claims to proceed [1]. Group 2: Implications for Asset Managers - The outcome of the lawsuit could significantly affect how these asset managers, which collectively manage approximately $27 trillion, handle their investments and passive funds [6][7]. - One potential remedy sought by the plaintiffs is for the asset managers to divest from coal companies, which BlackRock argues would harm access to capital and likely lead to higher energy prices [6].

贝莱德集团、道富银行、领航先锋必须面对反垄断官司。 美国得州法官：可以推进关于串谋的案件审理。 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 STATE STREET CORPORATION Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-07511 (Exact name of Registrant as Specified in its Charter) MA 04-2456637 (State or other jurisdiction of incorporation ...