State Street Corp. said on Monday it would acquire Investors Financial Services Corp. for $4.5 billion in stock, the latest takeover in the mutual and hedge fund servicing industry.

New York-based State Street, the world’s third-largest custodian of investor assets, will move into the No. 2 spot with $14 trillion in assets under custody in the deal with its smaller Boston-based neighbor. The company will still trail chief competitors Mellon Financial Corp. and Bank of New York, which announced a tie-up late last year.

The purchase values Investors Financial at $65.01 a share — a 38 percent premium to its closing price on Friday — and marks State Street’s second acquisition this year.

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