State Street Global Advisors of Boston - one of the nation's largest institutional money management firms but a relative unknown in the retail mutual fund business - will be raising its profile and expanding its distribution as a result of a new joint venture with Citigroup of New York.

State Street Corp. of Boston, SSgA's parent company, and Citigroup announced Dec. 8 that they have formed a joint venture to provide defined benefit plan investment management services and benefits administration in a joint venture called CitiStreet. State Street and Citigroup will share revenues equally from the deal, with State Street contributing its retirement services and human resources businesses to CitiStreet and Citigroup adding its retirement planning firm, The Copeland Cos. of East Brunswick, N.J.

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.