State Street

Office address: 1 Congress Street, Suite 1, Boston, Massachusetts 02114
Website: ssga.com
Year established: 1978
Company type: financial services
Employees: 2,500+ (SSGA)
Expertise: asset management, ETFs, index funds, active strategies, retirement solutions, fixed income, equity, multi-asset, sustainable investing, risk management
Parent company: State Street Corporation
Key people: Yie-Hsin Hung (CEO), Lori Heinel (EVP), Jennifer Bender (global chief investment strategist), Olivia Engel (department head), Daniel Farley, Michael Solecki, and Matthew Steinaway (chief investment officers)
Financing status: corporation

State Street is an asset manager based in Boston, with about $5.5 trillion in assets. The firm offers ETFs, mutual funds, cash solutions, and investment strategies for institutional, professional, and individual investors. It is known for creating the first US ETF in 1993 and serves clients worldwide through its global scale and experience.

State Street Global Advisors (SSGA) is now called State Street Investment Management, which this profile will explore in detail.

History of State Street

State Street began in 1978 as the investment arm of State Street Bank. The firm first focused on equity index and cash solutions for institutional clients, including financial institutions and corporate pensions. Over time, it expanded its expertise and client base, which built a reputation for reliability and scale.

Expanding reach and early innovation

The 1980s brought new opportunities as the company attracted non-profits, insurance providers, and official institutions. The company soon added active quantitative strategies to better serve its growing list of clients. By the end of the decade, it had:

• built relationships with public pensions
• expanded to serve defined contribution plans and consultants
• looked beyond the US to London and Hong Kong

The ETF revolution

A turning point came in 1993 with the launch of the first US exchange-traded fund, in partnership with the American Stock Exchange. This new product made investing more accessible for many people and set the stage for more innovation.

The firm later introduced the first US mid-cap ETF, sector ETFs, and Asia ex-Japan’s first ETF. This showed a commitment to expanding investment options.

State Street’s growth and new identity

The 2000s and 2010s saw the company list ETFs in Europe and Australia and partner with the World Gold Council to launch the first US gold-backed ETF. In 2017, State Street commissioned the Fearless Girl statue on Wall Street, which became a symbol of women’s leadership and sparked global attention.

Today’s focus

In recent years, it has formed partnerships with firms like Nuveen and Bridgewater to open new markets and increase access. In 2025, it rebranded from State Street Global Advisors to State Street Investment Management to reflect its growth and strategic goal.

That same year, State Street took a minority stake in Apex Fintech Solutions. The partnership will help develop a digital, globally scalable custody and clearing solution for advisors and clients.

State Street products and services 

State Street Investment Management offers a wide range of investment products and services for institutional, professional, and individual investors:

Exchange-traded funds

• equity ETFs: funds tracking stock market indexes
• fixed income ETFs: funds focused on bonds and debt markets
• sector and industry ETFs: funds targeting specific market sectors
• active ETFs: funds managed with active strategies
• low-cost core ETFs: broad market funds with low fees

Mutual funds

• alternatives mutual funds: funds investing in non-traditional assets
• equity mutual funds: funds investing in stocks
• fixed income mutual funds: funds investing in bonds
• multi-asset mutual funds: funds blending different asset classes
• target retirement mutual funds: funds designed for retirement planning

Solutions and cash

• ETF model portfolios: pre-built portfolios using ETFs
• treasury cash solutions: cash management for institutions
• US government cash solutions: funds focused on government securities

Tools and distributions

• fund comparison tool: tool to compare fund options
• sector and industries map: tool for sector analysis
• ETF distributions: payout schedules for ETFs
• mutual fund distributions: payout schedules for mutual funds

State Street Investment Management also offers tailored strategies, risk management tools, and global investment access. Its scale and experience help clients find solutions for a range of investment goals.

Culture and corporate values

State Street says that its culture centers on collaboration and supporting employee growth through training and resources. The firm states that it aims to provide a forward-looking, employee-focused environment where people can build their skills and explore new paths.

State Street also highlights a range of benefits for staff and their families:

• medical and life insurance: health plans, life and accidental coverage for employees and dependents
• well-being programs: BeWell and EAP for physical, emotional, and financial support
• financial wellness: retirement plans, savings options, and local financial education events
• time off and holidays: paid vacation, holidays, and volunteer days for community involvement
• family support: parental leave, adoption help, flexible work, and back-to-work programs
• flexible work options: remote work, compressed schedules, and job sharing available
• employee networks: groups for volunteering, career growth, and cultural activities
• other perks: group savings, sport club discounts, cinema deals, and referral bonuses
• learning and development: targeted training and career development resources for employees

State Street values the unique perspectives of over 50,000 colleagues worldwide and promotes a culture of belonging. The company states that talent decisions are based on skills and experience, supporting equal opportunities in all global roles.

About CEO Yie-Hsin Hung and key people

Yie-Hsin Hung is the president and CEO of State Street Investment Management. Before joining the firm, Hung was CEO at New York Life Investment Management, a global investment company. She holds an MBA from Harvard and a bachelor’s degree in mechanical engineering from Northwestern University.

The global investment team leads State Street Investment Management with deep experience and specialized roles:

• Lori M. Heinel, CFA is EVP and global CIO, overseeing all investment strategies and research
• Jennifer Bender, Ph.D. is global chief investment strategist, focusing on asset allocation and portfolio construction
• Olivia Engel, CFA heads strategy and operations - investments, managing investment process and operational efficiency
• Daniel P Farley, CFA is CIO - investment solutions group, developing custom solutions for institutional clients
• Michael J Solecki, CFA is CIO - fundamental equity, leading active equity investment teams
• Matthew J Steinaway, CFA is CIO - global fixed income, currency and cash, directing fixed income and cash strategies

The leadership team brings global perspective and local insight into every decision. Their expertise helps drive the firm’s investment approach and client outcomes.

The future at State Street

State Street Corporation appointed Joerg Ambrosius as president of Investment Services in 2024 to sharpen its client focus. The company expects his leadership to improve operations and strategy for clients in its largest business. The company sees this step as key to future growth and client value.

In 2025, SSGA launched the SPDR SSGA Apollo IG Public & Private Credit ETF (PRIV), giving retail investors new access to private credit markets. The fund uses a partnership with Apollo Global Management to address liquidity concerns and blends public and private investment-grade credit. This innovation may shape future ETF offerings and shows State Street’s focus on expanding investment options for clients.