State Street Global Advisors generated $181 million in investment management fees during the first quarter, down 35 percent from $278 million in the year-ago period. The drop reflects the more than 40 percent decline in average month-end equity valuations and lower performance fees, company executives said Monday.

Boston-based SSgA ended March with AUM of $1.39 trillion, down 29 percent from $1.95 trillion at the end of March last year.  

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