Baron Funds said it would consolidate custody, fund accounting, and fund administration services for its $18 billion in mutual fund assets at State Street, with chairman and CEO Ron Baron citing State Street’s “leadership in the US mutual fund business and its overall commitment to the industry.” State Street, which has $12.3 trillion in assets under custody and $1.8 trillion in assets under management, said it services “more than 40% of the mutual fund industry.” Baron has six mutual funds that specialize in small- and mid-cap growth stocks.