New York (HedgeCo.net) – State Street Corporation is expanding its global servicing capabilities with an agreement to acquire alternative fund manager Mourant International Finance Administration in a cash transaction. The UK fund is headquartered in Jersey in the Channel Islands with approximately $170 billion in assets under administration.
“As alternative asset classes have become more mainstream, our institutional customers plan to continue to expand their use of this asset class,” said Jay Hooley, president and chief operating officer of State Street.
State Street has been expanding its capabilities in alternative investments over the last seven years. In 2002, the company acquired International Fund Services (IFS), a leading provider of hedge fund administration services and in 2007 State Street significantly expanded its leadership in this market with its acquisitions of both Investors Financial Services Corp. and Palmeri Fund Administrators.
State Street’s Alternative Investment Solutions (AIS) team has more than $420 billion in alternative assets under administration as of September 30, 2009. The acquisition will bring the total to $600 billion, ranking the combined State Street and MIFA businesses No. 1 in alternative asset, private equity and real estate asset servicing globally and No. 2 in hedge fund servicing globally, based on industry survey data. The transaction is expected to close in the first quarter of 2010.
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