State Street has signed an agreement to acquire Mourant International Finance Administration for an undisclosed amount of cash. Based in Jersey in the Channel Islands, Mourant specializes in fund administration for alternative investments. The deal marks a continued expansion into alternative servicing for State Street. Mourant has $170 billion in assets under administration and 650 employees in locations including Dublin, Singapore and New York.
The deal, expected to close in the second quarter, will make the combined company No. 1 globally in alternative asset, private equity and real estate asset servicing, and No. 2 in hedge fund servicing.