State Street Corp. (NYSE: STT) said Tuesday it is acquiring Mourant International Finance Administration as it looks to expands its global fund administration and alternative servicing operations, according to Associated Press.
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Terms of the cash deal were not disclosed.
State Street said the acquisition would slightly boost earnings in 2010, excluding one-time acquisition costs.
Mourant International Finance, based in the Channel Islands, has about $170 billion in assets under administration. It primarily handles administration services for alternative investments, such as private equity, real estate and hedge funds.
As of Sept. 30, Boston-based custody bank State Street had $17.9 trillion in assets under custody and administration. State Street has about $420 billion in alternative assets under administration.
The acquisition helps State Street expand its operations in Europe and Asia and its servicing operations for real estate administration.
The deal is expected to close during the first quarter of 2010.
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