Fund manager and custodian State Street has agreed its largest deal to date, and its second in a fortnight, in the wake of industry consolidation that has seen Mellon Financial merge with The Bank of New York to form the biggest asset servicer in the world.

Credit Suisse advised State Street on the acquisition of Investors Financial Services, a Boston-based firm that provides institutional investors with a range of investment services including mutual fund, offshore and hedge fund servicing, custody, securities finance, cash management, foreign exchange and transition management, for $4.5bn (€3.5bn).