State Street Q3 profit rises well above estimates

Custody bank's assets under management jump nearly 10%

State Street's third-quarter earnings jumped 65% as the institutional money-management company benefited from strong servicing-fee revenue growth and cost controls that resulted in a 12% decline in overhead costs.

Trust-and-custody banks have seen historically low interest rates weigh on their results lately, though a rising stock market has boosted assets under management. Rival Bank of New York Mellon earlier on Tuesday reported higher fee revenue and assets under management.

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