State Street Corp. of Boston plans to buy International Fund Services, a Dublin alternative investment and hedge fund manager and custodian. The purchase, State Street's second in the hedge fund business and its first in global custody, rounds out the services State Street needs to enter the hedge fund management and custody business, according to the firm.

International Fund Services runs 350 hedge funds and supplies alternative investment services to more than 100 international asset management firms and private equity fund managers.

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.