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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Refinitiv’s PermIDs: Converting needs into opportunity

Refinitiv’s PermID framework was conceived as a proprietary tool to address an internal challenge around identifying objects in the firm’s information model. Once it had proved its worth, it was rolled out to the firm’s clients to significant success.

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