State Street Corporation(NYSE:STT) is a financial services company based in Boston, Massachusetts, trades on the New York Stock Exchange under the ticker symbol STT.
State Street provides products and services for portfolios of investment assets. State Street focuses its services on institutional investors and investment management. Its customers include mutual funds and other collective investment funds, corporate and public pension funds, corporations, unions and not-for-profit organizations.
State Street employs 21,950 people in 25 countries, one-third of whom work in IT. State Street Corporation has been in business since 1792 and is one of the oldest companies in the United States.
State Street Bank & Trust Co. v. Signature Financial Group, Inc. is the landmark case in which the Washington, DC Court of Appeals ruled (July 23, 1998) that a computer algorithm can be patented to the extent that it produces "a useful, concrete and tangible result".
On February 5, 2007, State Street announced the US$4.5 billion acquisition of Investors Financial Services Corporation. The deal closed on July 2nd, 2007 and created the world's second largest custodian with approximately $14.1 trillion of assets under custody.
As of December 31, 2006 the bank claims assets under custody of $11.9 trillion and assets under management of $1.7 trillion.