The $15 trillion custodian State Street Corporation has repackaged a range of its alternative investment services, flagging it as a key growth area for the Boston-headquartered institution.

The newly named State Street Alternative Investment Solutions combined State Street’s hedge fund, private equity and alternative risk services in order to “align” its capabilities towards a more “dedicated” solution for clients. “[It] combines our acquired and existing offerings into a single entity and allows us to develop individual solutions that can meet virtually any level of asset servicing requirements for clients with a range of size and complexity,” State Street executive vice president and global head of the new unit, Jack Klinck, said.

Last year, State Street acquired fellow Boston-based diversified financial services administrator Investors Financial Services Corp. and New-Jersey based private equity fund administrator Palmeri Fund Administrators. It had already acquired hedge fund administrator Dublin-based International Fund Services (IFS) in 2002.

State Street said it now services more than $550 billion in alternative assets, of a market it estimated to be worth around $4.2 trillion with a 16 per cent annual growth rate.