State Street completes purchase of Deutsche custody

State Street last week announced the completion of its purchase of Deutsche Bank's securities services, marking a consolidation of global custody providers - a theme which some market players expect to gain momentum throughout 2003. The $1.5 billion sale sees State Street take over a substantial part of Deutsche Bank's business representing approximately $2.2 trillion in assets (as at August 2002). The sale affects mostly the European and US operations where Deutsche Bank had a large…