State Street leads US custody banks’ assets drop
Equity rout drives down value of assets under management
The three largest US custody banks reported a $5 trillion reduction in assets under custody and administration (Auca) in the fourth quarter of last year, the first aggregate drop since end-2016.
Total Auca stood at $87.9 trillion at end-2018, down 5.3% from the three months prior and 2.2% on the year, with State Street contributing the most to the decline.
The Boston-based bank reported a $2.4 trillion drop (7%) on the quarter to $31.6 trillion, with Auca now at its lowest point since end
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