(Bloomberg) -- State Street Corp., the third- largest custody bank, agreed to buy the hedge-fund administration unit of Goldman Sachs Group Inc. to boost growth as second-quarter revenue fell amid declining global markets and record low interest rates.

State Street agreed to pay $550 million in cash for Goldman Sachs’ unit to become the world’s largest servicer of alternative assets such as hedge funds, the Boston-based company said today in a statement. State Street’s revenue on an operating basis decreased 1.9% to $2.43 billion from $2.47 billion a year earlier as assets fell and fees declined.

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