Boston-based State Street Corp. is expanding its relationship with Boston-based Babson Capital Management LLC to provide investment operations and technology services.

State Street has provided Babson Capital with custody, trustee, private equity and hedge fund services since 2001, according to a statement.

"As we expand domestically and globally, enhancing our relationship with State Street is an ideal opportunity for our clients and our firm," said Thomas M. Finke, chairman and chief executive officer of Babson Capital. "Leveraging State Street’s expertise in global operations services will allow us to improve access to data, decrease reliance on multiple internal systems, take advantage of new developments in technology and achieve greater overall operating efficiency. This will allow us to focus more on providing our clients with exceptional service and performance results and on developing our future growth strategies."