State Street Corporation has announced its first rebrand in more than 50 years as the 231-year-old company opens the doors of its new global headquarters building.
The global financial services firm explained it is launching a new brand and digital-first visual identity in order to better reflect the future of its organisation. State Street said that the new brand is designed to reflect the company’s innovation and “history of firsts”.
“Our new brand reflects our identity and the future of our organisation – one that is leading, transformative and client-centric,” said Lou Maiuri, president, chief operating officer, and head of investment services at State Street.
“It also demonstrates the essential advantage we deliver to institutional investors with leading financial platforms, data, expertise, and solutions that help enhance performance and better decision making.”
State Street noted that its history of innovation includes servicing the first US mutual fund, the first multi-currency accounting platform, launching and servicing SPY, and launching the industry’s first interoperable, comprehensive front-to-back solution in State Street Alpha.
The firm currently has US$39.6 trillion in assets under custody and/or administration and US$3.8 trillion in assets under management and operates in more than 100 geographic markets, employing approximately 43,000 people around the world.
Since opening its first office in Australia in 1986, State Street has built up its local presence and now employs more than 500 local market experts working around the country and partnering with institutional investors to help them accelerate their growth.
In Australia, State Street Global Advisors ranks as the largest investment manager of assets for Australian-domiciled investors.
State Street suggested that its new HQ, which is located at One Congress Street in the Bullfinch Crossing area of Boston, embraces the evolving needs of the workforce with flexible workstations and provides an environment for increased collaboration and productivity.
“Boston has been home to State Street for more than 230 years and today’s opening further demonstrates our commitment to the city as a hub for both innovation and financial excellence,” commented Ron O’Hanley, chairman and chief executive officer of State Street.
“This is the beginning of a new and exciting chapter in our company’s rich history, and one that will provide our employees with a state-of-the-art working environment that will increase our ability to collaborate and ultimately, help us achieve better outcomes for our clients, our employees, and the industry.”
State Street counts some of Australia’s largest super funds among its clients, including Australian Retirement Trust, which selected the firm to provide custodial, investment administration, and data management services earlier this year.