State Street marked its presence over centuries, being the second oldest bank in the United States. We are responsible more than 10% of the world’s assets1, servicing more than 40% of all US mutual fund2. Our asset management arm, State Street Global Advisors, is the third largest money manager in the world3.
Since established in India in 2007, we have grown rapidly and now we employ over 7,000 professionals in the country. Our India hub provides a wide range of services, which includes Business Operations, Global Corporate Shared Services and Global Technology Services, as well as corporate support functions such as Finance, Global Human Resources, Global Realty Services and Global Security.
In light of our Corporate Social Responsibility, our State Street Foundation has been a strong, global force in philanthropy since its inception in 1977, providing financial support to non-profit organizations through grants and matching employee donations. In 2019, it distributed approximately US$21 million in philanthropic support, with US$15.9 million dedicated to education and workforce development programs globally.
We endeavor to make the communities a better place to live and work. Our Giving, Investing, Volunteering by Employees (GIVE) Program allows employees to decide how they can impact the communities where we live and operate. In India, our Volunteering chapter witnessed a busy second quarter this year. Apart from distributing masks to police personnel, our employees also participated in volunteer activities such as Oxfam Trailwalker, International Women’s Day event, pro VISION Asia event, In It Together campaign, Tata Mumbai Marathon, etc. Our Hyderabad Community Support Program (CSP) was selected as the Asia Pacific CSP recipient of the Year for Exceptional Volunteerism within State Street. Through the COVID-19 pandemic, we engaged in a series of virtual volunteering, including mentoring young adults entering workplace, providing education support to several non-governmental organizations remotely, etc. Over 300 State Street employees in India spent more than 1,500 hours in volunteering year-to-date.
1 Source: State Street and McKinsey Global Institute, Global Capital Markets, December 31, 2016*
*Updated in January 2019 per bespoke McKinsey report. This represents State Street’s Q2 2016 AUCA ($31t) as a proportion of total global financial assets ($285t).
2 Source: Investment Company Institute, as of December 31, 2018. This statistic is based on assets
under custody and administration.
3 Source: P&I Research Center, as of 12/31/2017, Published 5/28/2018. This online data resource aggregates data collected by P&I’s editorial team through surveys and day-to-day reporting on thousands of money managers and institutional asset owners.