SSGA loses $2.4bn in two months

State Street Global Advisors (SSGA) suffered $2.4 billion in net outflows over the last two months of 2023, the majority of which hit its Australian and international equities products.

The State Street International Equities Index Trust lost a whopping $638 million in December, while the International Equities Index (Hedged) Trust and Australian Fixed Income Index Trust lost $252 million and $293 million respectively.

In November, the State Street Australian Equities Index Trust bled $712 million, comprising the lion's share of that month's redemptions. The Global Fixed Income Index Trust (-$168m) and the Floating Rate Fund (-$106m) also took hits.

The SPDR S&P/ASX 200 Fund lost $207 million in August but gained $163 million in October.

The State Street Australian Equities Index Trust and International Equities Index Trust were the biggest losers between April 2023 and March 2024 with net outflows of $734 million and $783 million respectively.

For that period, SSGA lost a net $3.2 billion across 30 products.

SSGA declined to comment on the redemptions and if they mainly stemmed from losing a mandate with a major client.

Despite the losses, Rainmaker Information found SSGA won two mandates with Australian Retirement Trust (ART) during 2023.

ART invested in SSGA's global equities and alternatives strategies worth $41.6 billion and $40 billion respectively.