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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Systematic tools gain favor in fixed income

Automation is enabling systematic strategies in fixed income that were previously reserved for equities trading. The tech gap between the two may be closing, but differences remain.

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