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State Street Corporation, or just simply State Street (NYSE: STT) is one of the world's largest global financial services companies. State Street was founded in 1792, and is headquartered in the Financial District area of Boston at One Lincoln Street. State Street has offices in major financial centers such as Boston, London, Edinburgh, New York City, Chicago, Los Angeles, San Francisco, Frankfurt, Zürich, Munich, Cologne, Vienna, Grand Cayman, Paris, Amsterdam, Cape Town, Hong Kong, Beijing, Singapore, Sydney, Dubai, Dublin, Krakow, Milan, Montreal, Seoul, Tokyo, Taipei, and Toronto.
State Street focuses its services on institutional investors and investment management. Its customers include mutual fund, collective investment funds, corporate and public pension funds, companies and non-profit organizations.
The company employs 28,700 staff around the world. [2] The bank claims assets under custody of US$14 trillion and assets under management of US$1.7 trillion as of September 30, 2008. [3]
In 2002, State Street purchased Deutsche Bank's securities services division for $1.5 billion. This deal made State Street the largest security services firm, surpassing JP Morgan Chase and Bank of New York Mellon. [4]
On February 5, 2007, State Street announced the US$4.5 billion acquisition of Investors Bank & Trust. The deal closed on July 2nd, 2007 and created the world's second largest custodian with approximately $US14.1 trillion of assets under custody. [5]
In 2006, State Street bought the naming rights to various Boston Red Sox events, including the 3rd level behind homeplate called The State Street Pavilion. [6] The Pavilion is a private club style eating area that has its own separate entrance from Yawkey Way.[7]
State Street Bank v. Signature Financial Group is the landmark case in which the Court of Appeals for the Federal Circuit ruled (July 23, 1998) that a computer algorithm can be patented to the extent that it produces "a useful, concrete and tangible result".
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