First Data Investor Services Group acquired Fund Associates Ltd. of Berwyn, PA, a privately held developer of mutual fund data processing systems, asset allocation software and wrap product programs. FAL will operate as a separate unit of First Data, which has a servicing portfolio of more than $500 billion. First Data Investor Services is based in Westborough, MA, and its clients include banks, investment advisors and mutual fund firms.

State Street Corp.'s custodial business has picked up

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