Thanks to the tumultuous conditions in the mutual fund industry, Boston-based State Street, a back-office leader for those fund companies, may look for a buyer, AFX reports.

Since smaller funds – the ones that need companies like State Street to provide an administrative background - have filtered their way out of the industry, the company has been stung. This according to Richard Bove, an analyst at Hoefer & Arnett. "A reduction in the number of funds would hurt State Street," Bove said. "It reduces the number of customers."

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.