State Street Global Advisors, the fund management arm of State Street Corporation, increased its assets under management by $44bn ($44.8bn) to $707bn in the third quarter compared to the same period last year.

The rise in assets comes despite intense market pressure on the bank, which saw a slight decrease in assets under custody. Total assets under custody dropped to $5.7 trillion in the third quarter, compared to $5.8 trillion in the same time last year. Total revenue for the whole group declined 1%, or $13m, to $972m from $985m quarter on quarter.