State Street Rebrands Asset Management Business

State Street’s asset management arm just got a new name: State Street Investment Management. The firm announced the rebrand from State Street Global Advisors on Monday.

The change highlights the firm’s focus on client and partner growth and engagement as well as product innovation, according to a press release. Founded in 1978, State Street Investment Management has roughly $4.7 trillion in assets under management. 

A New Chapter

The investment management firm’s rebrand follows its research and solicitation of feedback from clients, investors and employees.

The new name emphasizes the firm’s aim to enhance collaboration across State Street Corp. (STT) and expand its offerings for investors around the world, the press release said.

“Today marks a new chapter in our story—one that reflects our values, honors our rich heritage, and brings our vision for the future into sharper focus,” Yie-Hsin Hung, president and chief executive officer of State Street Investment Management, said in a statement included in the announcement. “Our new brand underscores our mission of investing in our clients as they invest in the markets, delivering tailored solutions, and prioritizing partnerships.”

State Street Investment Management’s ETF Business

The asset management giant offers 158 exchange-traded funds with total AUM of nearly $1.5 trillion, according to data from FactSet. Its largest ETF—the $629.1 billion SPDR S&P 500 ETF Trust (SPY)—is the best-recognized and oldest U.S.-listed ETF that tracks the S&P 500 index.

But, earlier this month, Bloomberg Intelligence data showed that the firm was on track to lose its position as the world leader in ETF trading volume to BlackRock. 

While State Street, whose SPDR business is the third-largest U.S. ETF issuer by assets, controls 31% of U.S. ETF trading volume, BlackRock’s share (25%) is growing faster in part due to its spot Bitcoin fund, the iShares Bitcoin ETF Trust (IBIT), attracting investors.