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State Street Reports Higher Quarterly Earnings

State Street , the world's largest institutional asset manager, on Tuesday reported higher quarterly earnings as revenue hit a new record.

The Boston-based company, which also makes money by holding trillions of dollars in securities in custody and calculating the bulk of mutual fund prices printed in newspapers, said net income was $314 million, or 93 cents per share, compared with $292 million, or 87 cents, a year earlier.