State Street Corp. has acquired Palmeri Fund Administrators, strengthening its private equity fund administration offerings. The deal comes on the heels of State Street’s acquisition of Investors Financial Services in 2002.

“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,” said Jay Hooley, vice chairman and head of global investment servicing, research and trading at State Street.

“Private equity is another example of a high-growth area that is in considerable demand from our institutional investor customers. We expect the team and capabilities that we now have dedicated to this growing market segment will allow us to further capitalize on market opportunities and promote our continued industry leadership," Hooley added.

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