State Street Corp's quarterly earnings fell on charges to reposition its portfolio late last year.

The company, which also earns fees for offering services like record-keeping to mutual and hedge funds, said on Wednesday net income stood at $83 million, or 16 cents a share, down from $498 million, or $1 a share, a year earlier.

On an operating basis, the company beat analysts' expectations by one penny in reporting earnings of 87 cents a share, up from 71 cents a share a year earlier as revenue rose 9.6 percent to $2.28 billion in the quarter.

(Reporting by Svea Herbst-Bayliss; Editing by Derek Caney.)