Mourant's offices in Jersey.

STATE STREET is expected to become the world’s largest alternative asset servicing provider after agreeing a deal to purchase Mourant International Finance Administration.

Subject to regulatory approval, the deal for an undisclosed sum is expected to close in the first quarter of 2010.

When this happens Mifa will be rebranded as State Street.

Mifa, which has its headquarters in Jersey, has offices in Guernsey at Dorey Court, Admiral Park, and employs 44 staff locally.

Globally, it has $170bn. in assets under administration and 650 employees in locations including Dublin, Singapore and New York.

State Street, which has its local offices at Tudor House, Le Bordage, employs eight staff in Guernsey and has had a presence in the island since 2000.

According to Jack Klinck, executive vice-president and global head of State Street’s alternative investment solutions team, the deal threatens no jobs.

‘There isn’t any expected job losses in Guernsey, Jersey or in any of our other locations.

‘The attraction for State Street was Mourant’s very large and strong and European base. For us putting these two companies together is very much a case of one plus one equals three and we see a lot of opportunities to work together and grow.’