State Street delivered a solid second quarter (QQ2 2024) characterized by continued revenue growth and disciplined cost management, underscored by a roughly 3% year-over-year growth in total revenue and a 12% return on equity contribution for the quarter. EPS of $2.15 (GAAP) with a non-GAAP presentation highlighting adjusted items aided by the company’s ongoing efficiency initiatives. Management emphasized the durability of the business model as fee revenue and net interest income (NII) showed resilience despite a headwind from a client transition in servicing fees. The Global Advisors segment achieved a record $4.4 trillion in assets under management (AUM) and generated 11% year-over-year growth in management fees, supporting a diversified mix of revenue streams (pricing actions, ETF penetration, and new funds). The company also highlighted Alpha as a differentiator, with a new 10-year APAC client mandating 23 live Alpha mandates by quarter-end, contributing to a growing pipeline and long-term client relationships. In addition, the quarter featured meaningful capital deployment, including a 10% dividend increase to $0.76 per share commencing 3Q 2024 and more than $700 million in total capital return mid-year. Looking ahead, management raised the full-year guidance modestly: total fee revenue expected to be up 4-5% and NII expected to be up slightly year over year, with expenses projected to rise ~3% (excluding notable items). The firm remains focused on expanding Alfa-based servicing revenue, accelerating onboarding, and reinforcing its Alpha-driven growth strategy, while navigating potential macro volatility and rate-cycle dynamics.