State Street to become world’s largest custodian

Brown Brothers Harriman Investor Services acquisition means Boston-based bank will leapfrog BNY Mellon and JP Morgan

State Street is set to surpass BNY Mellon and JP Morgan to become the biggest custodian bank in the world, following the acquisition of Brown Brothers Harriman (BBH) Investor Services.

The deal, announced on September 7, will create a behemoth with $37.3 trillion in assets under custody (AUC) pro forma as of end-June.



Privately-owned BBH had $5.4 trillion of AUC as of the end of the second quarter. Absorbing that would have inflated State Street’s AUC by 17%, pushing it past BNY

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