Investors Financial Services Corp. said it has closed its purchase of BankBoston Corp.'s domestic institutional custody business.

The transaction, valued at $50 million and completed Thursday, was announced in July.

At the time, BankBoston said it wanted to shed the technology-intensive processing and custody business in order to concentrate on more profitable business lines.

The transaction affects roughly $41 billion of assets held for 600 institutional customers, which will now be administered through Investors Bank and Trust Co.

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