Reports that State Street Corp. may sell or spin out its $3.1 trillion asset management business have been met with “mixed feelings” from analysts and other industry observers. Bloomberg reported Friday afternoon that State Street was “exploring options for its asset management business,” State Street Global Advisors, including a possible merger with a rival asset manager. The report said that State Street had evaluated potential deals with competitors including the asset management units of UBS Group and Invesco, citing people familiar with the matter. Wall Street Journal, published later that same day, offered more details on the rumored merger talks between State Street and UBS, adding that the two firms appeared close to reaching an agreement this summer. “State Street and UBS had settled on roles for some of the venture’s top executives and were considering names for the new stand-alone manager,” the