State Street Corporation, provider of financial services to institutional investors, has expanded its capabilities in the high-growth area of alternative investments.
In addition to the strong private equity servicing capabilities it assumed as part of the acquisition of Investors Financial Services Corp., State Street has also acquired Palmeri Fund Administrators (PFA). For more than 16 years, PFA has provided high quality, full-service fund administration services exclusively to the private equity industry.
“Similar to the reason for our entrance into the hedge fund administration space in 2002, our institutional customers are increasingly expanding their use of alternative investments including private equity,” says Jay Hooley, vice chairman and head of global investment servicing and investment research and trading at State Street.
Frank Palmeri, former chief executive officer of PFA, will lead the private equity servicing initiative, under the direction of Jack Klinck, executive vice president and head of Global Investment Product Services for State Street.