State Street delivered a solid QQ3 2024 performance characterized by robust earnings growth, margin expansion, and disciplined cost management, underpinned by the Alpha platform and broad-based client flows. GAAP earnings per share reached a record level of $2.26 for the quarter, with a 12% ROE and a year-over-year earnings growth of 17% excluding notable items. Revenue growth was led by higher management and servicing fees, strong NII, and record net flows across Global Advisors, driving quarterly fee revenue alongside continued investments in technology and product advancements. The quarter featured notable Alpha-related wins, including two new mandates and a mix of AUC/A wins totaling $466 billion, with Alpha accounting for the bulk of the wins. Management signaled ongoing capital returns, with over $670 million returned to shareholders in 3Q and guidance for further buybacks in 4Q. The CFO transition was announced, with Eric Aboaf departing in mid-February, though the management team reinforced that medium-term targets (4-5% revenue growth, ~30% pre-tax margin) remain intact and embedded in compensation structures. Looking forward, the company raised its full-year outlook for total fee revenue and NII, while acknowledging macro variability and deposit dynamics as the key near-term drivers. Investors should monitor NII stabilization trajectory, portfolio mix and re-pricing actions, Alpha pipeline execution, regulatory developments around the Apollo relationship, and the pace of capital deployment and back-office onboarding of servicing backlog.