State Street Corp. said it has combined its global alternative investment services capabilities into a single unit.
The new unit, State Street Alternative Investment Solutions, combines State Street's hedge fund, private equity, and alternative risk offerings to provide a complete set of fund accounting, fund administration and risk services to hedge funds and private equity funds, the Boston company said Tuesday.
State Street also said it wants to continue to expand in alternative investment servicing. It bought hedge fund administrator International Fund Services in 2002 and the private-equity fund administrator Palmeri Fund Administrators last year. Also, the acquisition of Investors Financial Services Corp. last year added to State Street's alternative capabilities in hedge funds and private equity, among other things.
State Street has more than $550 billion of assets under administration in alternative investments.
