Charles River, software, data sales drive State Street in Q2
As traditional revenue lines declined at the custodian as a result of market forces, front-office software sales made big gains in its quarterly results.
Five years on, State Street’s $2.6 billion acquisition of Charles River Development is paying dividends. The custodian’s front-office software and data business brought in revenues of $162 million for Q2—an increase of 29% over the same period last year, and a 49% increase over Q1 this year.
In the bank’s Q2 earnings call, held Friday, chief financial officer Eric Aboaf said State Street’s overall 5.3% revenue increase year-on-year was “driven by our front-office solutions business … [which]
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