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.