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Money Management Executive

State Street Could Go Up For Sale

September 02, 2004, 1:00 a.m. EDT 1 Min Read

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."

And that's not all. The company has had three CEOs in the past four years, adding to the speculation. Bove named a few companies that could possibly be buyers, including J.P. Morgan.

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Money Management Executive
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