State Street to service Putnam assets

State Street Corp., a provider of financial services to institutional investors, will provide servicing to Putnam Investments and the Putnam Funds for $169 billion in assets.

Boston-based State Street said today that it will provide custody, fund accounting, investment manager operations, and outsourcing services in support of more than 450 retail, institutional, trust, and offshore portfolios.

About 250 Putnam workers joined State Street in January as part of the agreement.

Shares of State Street added $1.04 to $69.94 in afternoon trading on the New York Stock Exchange.
(AP)