State Street Corp. said Thursday that it would acquire Wachovia Corp.'s institutional trust and custody business in a deal that would significantly raise its profile in the Southeast and increase its share of the middle market.

The deal, for undisclosed terms, is slated to close by the end of October. It would bring Boston-based State Street $61 billion of institutional trust and custody assets and 270 clients in Florida, Virginia, Georgia, and North Carolina.

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