UPDATE 1-State Street Q3 profit rises, beats estimates
Revenue in the third quarter was $2.43 billion, up 5
percent from $2.3 billion in the year-earlier period.Analysts had been downbeat about State Street’s prospects
because of ultra-low interest rates and depressed stock market
levels. U.S. investors withdrew a net $45.7 billion from
long-term mutual funds in the third quarter, according to
Morningstar Inc. That was partially offset by investors adding
a net $19.7 billion to exchange-traded funds during the
quarter.State Street shares are down 27 percent this year,
underperforming the 4.5 percent decline on the Standard &
Poor’s 500 Index.
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