The 214-year-old business, which is listed on the New York Stock Exchange, said it opted for CDR after deciding Penrose had taken its brief as far as it could.
‘Our communications objectives changed,' said State Street vice-president of global PR Arlene Roberts, who is based in Boston.
CDR financial services chief Jonathan Flint heads the account, reporting to a three-strong State Street in-house team, headed by Roberts and fellow V-P of global PR Carolyn Cichon.
Penrose associate director Sally Todd described the agency's split as ‘amicable'.
CDR's brief will change depending on State Street's business focus. The firm's four main holdings are the State Street Bank and Trust Company, International Fund Services, State Street Global Advisors and Boston Financial Data Services.