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  "documentTitle": "State Street Corporation (STT)",
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      "text": "Like State Street, their problems have been largely self inflicted as the whole industry has been poorly managed in our view (e.g., disappointing cost controls, poor capital allocation, lack of price discipline in core custody as ancillary revenues have declined)",
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      "text": "Negative total shareholder returns over each of the last ten, five, four, three, two and one-year timeframes",
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      "text": "Even more glaring underperformance versus leading financial processors, which should have similar trends as some of State Street's business lines",
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      "text": "Underperformed the S&P 500 Asset Management & Custody Bank Index over the past two, three, four, and five year time periods",
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      "text": "It is important to highlight that custody banks such as Bank of New York Mellon and Northern Trust have also performed poorly the past five years",
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      "text": "However, despite these many advantages, State Street's total shareholder returns still rank towards the bottom of the peer group",
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      "text": "Despite industry-wide underperformance, we believe State Street should have been best positioned among custody peers to outperform given its leadership positions in the fastest growing markets (passive asset management, middle market outsourcing, alternatives, international), strong capital generation and excess capital levels",
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