Deals
State Street Buys Goldman Sachs Unit as Revenue Falls
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State Street Corp., the third-largest custody bank, agreed to buy the hedge-fund administration unit of Goldman Sachs Group Inc. to boost growth as second-quarter revenue fell amid declining global markets and record-low interest rates.
State Street agreed to pay $550 million in cash for the Goldman Sachs unit to become the world’s largest servicer of alternative assets such as hedge funds, the Boston-based company said today. State Street fell 6.4 percent in New York, the most in seven months, as declining assets and fees spurred a 1.9 percent drop in revenue to $2.43 billion.