State Streets adds hedge fund client

State Street Corp. (NYSE: STT) said it has landed LibreMax Capital, founded by former Deutsche Bank executives, as a new client for its rapidly growing hedge fund administration business.

State Street’s hedge fund services are part of its alternative investment group, which had more than $625 billion in alternative assets under administration at the end of September.

Newly launched, LibreMax Capital was founded by former Deutsche Bank executives Fred Brettschneider and Greg Lippmann.

Separately, State Street said it took top honors in HFMWeek’s 2010 US Hedge Fund Services Awards. State Street was named “Best Administrator over $30 Billion in Assets Under Administration.”