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."