US asset manager State Street Global Advisors suffered a 28% drop in profits from its European business last year, partly due to the administrative costs of a tidying up of its exchange-trade funds operation.

The firm, which manages £214.4 billion out of Europe, said the division made £36.4 million in pre-tax profits in the year ended December 31, according to accounts for State Street Global Advisors Limited published last week at Companies House.