State Street acquires Palmeri Fund

State Street Corp. said today it has acquired Palmeri Fund Administrators for an undisclosed amount as it expands its capabilities in the high-growth area of alternative investments.

State Street is a Boston-based provider of financial services to institutional investors, and Palmeri Fund Administrators, or PFA, a New Jersey firm that has focused on providing a full range of fund administration services exclusively to the private equity industry.

The firm's former chief executive, Frank Palmeri, will lead State Street's private equity servicing initiative under the direction of State Street executive vice president Jack Klinck, State Street said.

"Private equity is another expample of a high-growth area that is in considerable demand from our institutional investor customers," State Street vice chairman Jay Hooley said in a statement.
(By Chris Reidy, Globe staff)