Why this $32T company is becoming the world's largest custodian

For those of you who have never heard of State Street Corporation (Ticker: STT), they are one of the world's largest custodians holding over 32 trillion dollars in client assets. If you're wondering what a custodian is, custodians are companies who are responsible for safeguarding a banks, companies, or individual's financial assets. Many firms trust companies like State Street to make sure their assets are held safely. And guess what?

State Street is set to acquire their competitor, Brown Brothers Harriman, making them the largest custodian in the world at roughly $37,000,000,000,000 in client assets.

But why are they doing this, why is it important and what does it mean for the stock price? Let's jump into it below: