State Street aligns servicing capabilities

State Street Corp., a Boston firm that provides financial services to institutional investors, today announced the alignment of its global alternative investment servicing capabilities into one unit.

The newly formed State Street Alternative Investment Solutions combines State Street's hedge fund, private equity, and alternative risk offerings to provide a complete set of fund accounting, fund administration, and risk services to hedge funds and private equity funds, State Street said.

"The alternative investments market is estimated at $4.2 trillion in global assets under management with a 16 percent compound annual growth rate," Jack Klinck, executive vice president and global head of State Street's Alternative Investment Solutions team, said in a statement. "Combining our expertise in the hedge fund, risk and private equity servicing business under one name and unit provides our clients with dedicated solutions for these complex and rapidly growing market segments."
(By Chris Reidy, Globe staff)