State Street Corporation is an American financial services and bank holding company headquartered at One Lincoln Street in Boston with operations worldwide. It is the second-oldest continually operating United States bank; its predecessor, Union Bank, was founded in 1792. State Street is ranked 15th on the list of largest banks in the United States by assets. It is one of the largest asset management companies in the world with US$3.9 trillion under management and US$4.33 trillion under custody and administration. It is the largest custodian bank in the world, providing securities services and it is considered a systemically important bank by the Financial Stability Board. Along with BlackRock and Vanguard, State Street is considered to be one of the Big Three index fund managers that dominate corporate America. The company is ranked 316th on the Fortune 500 as of 2022. The company is on the list of the banks that are too big to fail published by the Financial Stability Board. The company is named after State Street in Boston, which was known as the "Great Street to the Sea" in the 18th century as Boston became a flourishing maritime capital. The company's logo formerly included a clipper to reflect the maritime industry in Boston during this time. Current operations Investment servicing: State Street Global Services State Street Bank and Trust Company, also known as Global Services, is the securities services division of State Street that provides asset owners and managers with securities services (e.g. custody, corporate actions), fund accounting (pricing and valuation), and administration (financial reporting, tax, compliance, and legal) services. Global Services handles assets from many classes, including stocks, derivatives, exchange-traded funds, fixed income assets, private equity, and real estate. State Street administers 40% of the assets under administration in the US mutual fund market. Global Services also provides outsourcing for operations activities and handles US$10.2 trillion of middle-office assets. Investment Management: State Street Global Advisors State Street Global Advisors is the investment management division of State Street that provides asset management, research, and advisory services to corporations, mutual funds, insurance companies, and other institutional investors. Global Advisors develops both passive management and active management strategies using both quantitative and fundamental approaches. 1993 SPDR innovation In 1993, the company created the SPDR S&P 500 Trust ETF, the first exchange-traded fund (ETF), and is now one of the largest ETF providers worldwide. Trading on SPDR began January 29, 1993.