By the original plan, State Street should have been the world’s largest custodian in terms of assets under custody already by past New Year, having surpassed BNY Mellon’s 46.7 trillion dollars by completing the purchase of the investor services business from smaller colleague Brown Brothers Harriman. Now, expectations reach into the third quarter this year.
The Boston Business Journal were among the media reporting about the third-quarter forecast, after State Street executives presented first-quarter earnings to investors on 14 April. Their 21-page financial-highlights slide deck only stated bulletpointly that the “[p]reviously announced BBH Investment Services acquisition regulatory review is ongoing”.