Federated Investors Inc. said Monday that it will clear mutual fund trades for a department of State Street Corp.

State Street's Metropolitan Custody Services, which holds assets of wealthy investors who are clients of investment advisers and banks, signed up for Federated's TrustConnect product.

Pittsburgh-based Federated expects TrustConnect, established in 1996, to clear trades for $12 billion of mutual fund assets by yearend, up from $8.5 billion, said Thomas P. Sholes, vice president and director of Edgewood Services, its broker-dealer subsidiary.

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