State Street Investment Management: management versus custody

Names and abbreviations on this page

US — United States. US$ denotes United States dollars.

SPDR — Standard & Poor’s Depositary Receipts. The name behind the SPDR investment-fund brand, commonly pronounced spider.

NBIM — Norges Bank Investment Management. The investment-management organization that manages Norway’s Government Pension Fund Global.

Scale or institutional role

Reported assets under management: Approximately US$6.3 trillion

Period: September 30, 2026

Includes approximately US$172 billion of SPDR product assets for which an affiliate acts solely as marketing agent. Separate from parent custody/administration assets. [1]

Name and financial scope

State Street’s current investment-management name is State Street Investment Management; older records use State Street Global Advisors. Its parent reported approximately US$6.3 trillion of assets under management at September 30, 2026, including about US$172 billion relating to products where an affiliate is solely marketing agent. This reporting qualification matters when comparing managers. [1][2]

Why custody is a separate concept

The same parent reported US$59.2 trillion in assets under custody and/or administration. Custody generally concerns safeguarding and servicing assets; management concerns investment decisions within mandates. Neither total is the parent’s own wealth, and the two cannot be summed into a measure of controlled global assets. The same securities may appear in a client portfolio, a manager’s report, and a custodian’s report. [1]

Voting, policies, and supply-chain influence

The investment business offers pooled funds and institutional strategies. Its public stewardship approach emphasizes boards, disclosure, and shareholder protection. Eligible clients can choose proxy-voting policies instead of simply delegating all decisions. Voting may influence oversight of production, labor, or environmental risks, but it is not equivalent to running portfolio companies or directing their suppliers. Review the applicable mandate and actual votes. [2][3]

Scrutiny and evidence boundaries

State Street is a defendant in the Texas-led coal antitrust litigation documented in March and April 2026 filings. The lawsuit alleges coordinated use of investment influence to restrict coal output; the reviewed procedural record does not establish final liability. Distinguish that allegation from ordinary index investing and from the firm’s custody services, which perform a different function. [4]

Related learning

BlackRock: managing client capital and delegated influence

Vanguard: investor-owned funds and stewardship

Norway’s Government Pension Fund Global and NBIM

How size and influence are compared

Follow the money and the type of relationship

External Resources