Core Insights - State Street Investment Management and Galaxy Asset Management are launching the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) on December 10, with a $200 million seed investment from Ondo Finance [1][2]. Group 1: Fund Overview - SWEEP will leverage State Street's expertise in cash and liquidity management alongside Galaxy Digital's knowledge in tokenization and digital infrastructure to provide an onchain cash management solution [2]. - The fund will utilize PayPal USD (PYUSD) stablecoins for subscriptions and redemptions, enabling 24/7 onchain liquidity [2]. Group 2: Technical and Operational Aspects - Galaxy plans to implement Chainlink for cross-chain interoperability, allowing SWEEP tokens to move across different blockchain networks [3]. - The fund is expected to launch on the Solana blockchain in early 2026 and aims to integrate with other networks such as Stellar and Ethereum [3]. Group 3: Industry Impact and Statements - Ondo Finance President Ian De Bode emphasized that tokenization is bridging traditional finance and the onchain economy, with SWEEP marking significant progress in this evolution [4]. - State Street's Kim Hochfeld noted that the partnership with Galaxy aims to advance the traditional finance landscape onchain [4]. - Galaxy's Steve Kurz described SWEEP as a transformative collaboration that will provide digital investors with a new onchain liquidity fund option [4].

Core Insights - Ondo Finance has partnered with State Street Investment Management and Galaxy Asset Management to launch a tokenized private liquidity fund named SWEEP, aimed at integrating traditional cash management on-chain using Galaxy's tokenization infrastructure [1][2] - The SWEEP fund is set to debut on the Solana blockchain in early 2026, with Ondo's flagship product OUSG planning to allocate approximately $200 million as the anchor investor [1][4] - The partnership is expected to enhance OUSG's 24/7 liquidity network, with Galaxy providing the digital infrastructure for the issuance and management of SWEEP tokens [2] Product Details - The State Street Galaxy Onchain Liquidity Sweep Fund will enable investors to transfer cash balances into a digital vehicle, offering continuous access via PayPal's stablecoin, PYUSD [3] - State Street will manage treasury assets for the new fund through its banking division, State Street Bank and Trust Company [3] - OUSG, valued at $770 million, provides investors with tokenized exposure to US treasuries and will benefit from the addition of SWEEP as a high-quality reserve option [4] Regulatory Context - The announcement of the partnership follows the SEC's closure of a two-year investigation into Ondo Finance, which examined whether Ondo's tokenization practices complied with federal policies and if the ONDO token was classified as a security [5] - Despite the investigation, Ondo Finance's OUSG maintains a multichain presence across Ethereum, Solana, Ripple, and Polygon [5] Market Reaction - Market observers suggest that the ongoing partnerships may enhance the visibility and presence of Ondo's native token, ONDO, which experienced a relief rally above the $0.50 mark earlier in the week, although it faced a 5% daily loss on December 11 [6]

Industry Breakthrough - A GSIB (Global Systemically Important Bank) will issue assets on Solana for the first time, preceding other networks and private rails [1] - State Street, with $50 trillion in custodied assets, is tokenizing SWEEP [1] Partnerships - State Street is partnering with Galaxy Digital (@galaxyhq) for the tokenization of SWEEP [1]

Core Insights - State Street Investment Management and Galaxy Asset Management are launching the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized private liquidity fund utilizing PYUSD stablecoins for transactions, with an initial seeding of approximately $200 million from Ondo Finance [1][3][4] Group 1: Fund Overview - SWEEP will debut on the Solana blockchain in early 2026, with plans for future integrations on Stellar and Ethereum, leveraging Chainlink for cross-chain interoperability [2] - The fund aims to provide a liquid, onchain cash management solution, combining State Street's expertise in traditional liquidity management with Galaxy's blockchain capabilities [3][4] Group 2: Strategic Partnerships - The collaboration between State Street and Galaxy is positioned as a significant innovation in the asset management and capital markets landscape, merging traditional finance (TradFi) with decentralized finance (DeFi) [4] - Ondo Finance's investment is expected to anchor the fund and support its growth, highlighting the synergy between TradFi, DeFi, and tokenization [4] Group 3: Company Backgrounds - State Street Investment Management has nearly 50 years of experience, managing over $5 trillion in assets across more than 60 countries, focusing on delivering comprehensive investment solutions [5][6] - Galaxy Digital Inc. is recognized as a leader in digital assets and data center infrastructure, providing institutional access to various financial services and technologies [7]

Core Viewpoint - State Street and Galaxy Asset Management are set to launch a tokenized liquidity fund named SWEEP in early 2026, utilizing stablecoins to enhance institutional cash management through public blockchains [1][2]. Group 1: Fund Details - The SWEEP fund will accept subscriptions and redemptions in PYUSD, a stablecoin issued by Paxos, contingent on having sufficient assets to process requests [2]. - Only Qualified Purchasers who meet specific thresholds will be eligible to access the fund, with Ondo Finance committing approximately $200 million to seed the product [2]. Group 2: Technological Framework - The fund is expected to launch on the Solana blockchain, with plans to incorporate Stellar and Ethereum subsequently [3]. - Galaxy Asset Management intends to utilize Chainlink tools for data and asset movement across different blockchains [3]. Group 3: Industry Collaboration - Kim Hochfeld, global head of cash and digital assets at State Street, emphasized the collaboration with Galaxy as a significant step in the evolving relationship between traditional banks and crypto firms [4]. - Ondo Finance President Ian De Bode highlighted the convergence of traditional and crypto markets through their investment in the SWEEP fund [4]. Group 4: Market Implications - The tokenization represented by SWEEP is seen as a critical advancement in bridging traditional finance with the onchain economy [5]. - This initiative builds on previous collaborations between the firms, including a series of digital-asset ETFs launched in 2024 [5].

Group 1 - State Street is one of the largest global asset servicing and asset management firms, managing approximately $52 trillion in assets under custody and administration and $5.5 trillion in assets under management [1] - In 2025, State Street experienced growth in servicing fees, driven by positive sales momentum and stable net interest income (NII) [1] - The company is focused on delivering positive operating leverage and maintaining a robust pace of share repurchases, indicating a strong financial strategy [1]

Summary of State Street's Conference Call Company Overview - **Company**: State Street - **Industry**: Asset servicing and asset management - **Assets**: Approximately $52 trillion in assets under custody and administration, and $5.5 trillion in assets under management [1][1] Key Points and Arguments 2026 Strategic Priorities - **Financial Delivery**: Emphasis on meeting financial commitments and expectations [3][3] - **Balance Sheet Optimization**: Focus on improving efficiency and growing Net Interest Income (NII) over time [4][4] - **Expense Management**: Continued efforts to manage expenses and enhance productivity [5][5] - **Partnerships**: Collaborating with business leaders to drive strategic initiatives [5][5] Fee Revenue and Sales Momentum - **Investment Servicing Growth**: Anticipated fee growth of $350-$400 million, with a strong sales momentum [7][7] - **Backlog Quality**: Improvement in the backlog, particularly in back office and private markets, which are expected to drive future growth [11][11] Private Markets - **Growth Area**: Significant focus on private markets, with expectations of double-digit growth in fees for 2026 [13][13][14][14] - **Competitive Advantage**: State Street's global platform and capabilities provide a competitive edge in the fragmented private market space [13][13] Wealth Servicing - **Strategic Partnerships**: Recent partnerships with UC Investments and Apex Fintech Solutions to enhance wealth servicing capabilities [15][15][18][18] - **Market Opportunity**: Positioned to capture growth from the demographic shift and wealth transfer from Baby Boomers [16][16] Digital Assets - **Digital Asset Platform**: Launching a digital asset platform imminently, with plans to introduce tokenized products, starting with a tokenized money market fund [20][20][21][21] - **Future Opportunities**: Exploring the potential for custody of stablecoins and tokenization of traditional assets [22][22][24][24] Investment Management - **Growth Contributors**: Focus on ETFs, geographic expansion, and partnerships with alternative asset managers [28][28][30][30] - **Private Market Initiatives**: Launching new products in collaboration with Apollo and Bridgewater, and focusing on the secondary market with Coller [32][32][34][34] Financial Performance and Outlook - **Q4 Expectations**: Anticipated fee revenue to be at the upper end of the 8.5%-9% range, with NII expected to be flat to slightly up [36][36][38][38] - **Expense Management**: Projected expenses to approach 5%, with notable items around $275 million for the quarter [39][39][41][41] - **Capital Returns**: Expecting around 80% capital return in 2025, with a focus on dividends, organic growth, and strategic investments [57][57][59][59] Balance Sheet and NII Strategy - **Balance Sheet Optimization**: Focus on deploying capital into strong customer relationships and improving risk-adjusted returns [46][46][48][48] - **Funding Mix**: Evaluating the mix of deposits and wholesale funding to enhance NII [51][51][53][53] Conclusion - **Long-term Growth Outlook**: State Street is well-positioned for growth in various segments, including private markets, wealth servicing, and digital assets, with a strong focus on operational efficiency and strategic partnerships [63][63]

Company Overview - State Street Corporation, based in Boston, Massachusetts, provides a range of financial products and services to various types of investors worldwide, with a market cap of $34.7 billion [1] - It is categorized as a large-cap stock, reflecting its substantial size and influence in the asset management industry, operating as one of the largest custodian banks globally [2] Stock Performance - State Street's stock reached an all-time high of $127.07 recently, with a 12.6% increase over the past three months, outperforming the Dow Jones Industrial Average's 4% gains during the same period [3] - Year-to-date, STT stock prices have increased by 28.5%, and 26.9% over the past 52 weeks, compared to the Dow's 11.8% gains in 2025 and 7.1% returns over the past year [4] Financial Results - In Q3, State Street reported an 8.8% year-over-year increase in revenue to $3.5 billion, exceeding expectations by 2.2%, driven by broad-based fee revenue increases [5] - The company's earnings per share (EPS) surged by 23% to $2.78, surpassing consensus estimates by 6.1% [5] Market Comparison - STT stock has outperformed its peer, Ameriprise Financial, Inc., which saw a 10.2% decline in 2025 and a 13.7% drop over the past 52 weeks [6] - Among 19 analysts covering STT stock, the consensus rating is a "Moderate Buy," with a mean price target of $130.94, indicating a modest 3.8% upside potential from current price levels [6]

Core Viewpoint - State Street Corp. has experienced a significant decline in its fundamental "Quality" ranking, now placing it in the bottom decile among its peers, which raises concerns about its operational efficiency and financial health [1][2][3]. Group 1: Quality Score and Rankings - State Street's quality score decreased from 10.26 to 9.73 week-on-week, indicating a drop into the bottom 10% of its peers [2]. - The quality score is a percentile-based metric, suggesting that State Street ranks lower than approximately 90% of its competitors in terms of operational efficiency and financial health [3]. - The decline into single digits indicates that despite a potentially strong stock price performance, the company's fundamental efficiency is lagging behind the market [3]. Group 2: Stock Performance - State Street's stock has risen by 26.67% year-to-date, outperforming the S&P 500 index, which gained 16.66% in the same period [7]. - The stock closed at $124.07, reflecting a 0.37% increase on Monday, and has gained 24.78% over the year and 25.50% in the last six months [7]. - The company holds a momentum score of 78.34, indicating strong relative strength based on price movement and volatility, despite the low quality ranking [4]. Group 3: Regulatory Environment - The decline in State Street's fundamental scoring coincides with potential regulatory changes being considered by the Trump administration, which may limit the voting power of major index fund managers [5][6]. - Proposed executive orders could require index funds to align their votes with client preferences rather than centralized decisions, reflecting increased scrutiny on firms like State Street [6].

2025 年 12 月 08 日 亚太新兴市场产品中中国产品表现 出色 ——海外创新产品周报 20251208 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 ETP 研 究 - ⚫ 美国 ETF 创新产品： Horizon 发行多只主动 ETF。上周美国共 23 只新发产品，数字货 币、单股票产品继续发行。Horizon 上周发行 3 只产品，分别投向国际股票和美国中小 盘股票，另有一只控制风险的国际股票产品，这些产品都使用基于价值、动量、质量的量 化方法，控制风险的产品会根据风控模型适当转向货币降低风险；3 只产品都会通过期权 价差策略来增厚收益。 ⚫ 美国 ETF ...