State Street: Private equity assets grew 60 percent
State Street Corp., the Boston company that provides financial services to institutional investors, said that assets under administration serviced by its private equity fund team grew by 60 percent in 2008.
State Street said that it now provides full-service fund administration services to more than 400 primary funds and more than $138 billion in assets, compared with $86 billion at the end of 2007.
"Even with the slowdown in the overall financial markets, private equity fund managers are still looking to third party administrators to provide greater efficiencies, more consistent reporting and cost savings for their funds," Jack Klinck, executive vice president and global head of State Street's Alternative Investment Solutions team, said in a statement. "Customers also recognize that experienced third party providers can stay ahead of changing requirements throughout the fund lifecycle, understand the nuances of each fund's structure, and adapt accordingly."
To read the company's press release, please click here.
State Street has had some issues of late. To read a recent Globe story about State Street, please click here.
(By Chris Reidy, Globe staff)