The alliance between giant State Street Bank & Trust Co. and the Bermuda Commercial Bank might seem like an unequal relationship.

The Boston-based bank, with $3.9 trillion in assets under custody and $390 billion under management, might be tempted to put on the back burner the needs of its relatively tiny partner.

However, State Street executives waiting at Boston Airport on Tuesday might have been encouraged to pay a bit more attention after a magnaminous gesture from the bank's chairman and largest shareholder John Deuss.

They were stuck. And due to flight delays they were getting resigned to the fact that they might miss the reception inaugurating the alliance when Mr.

Deuss sent off his private aircraft to pick them up.

At the reception on Tuesday at National Gallery, Mr. Deuss mentioned the differences in size as one of the major factors affecting relationships between two companies. He cited the company's alliance with Merrill Lynch, which he said had teething problems in its first year but has now been solidified through a decision to continue the relationship.

"There is always a bit of a problem in an alliance between a small company and a large company,'' he said. "...With Merrill Lynch it was not always easy to get their attention.'' State Street senior vice president Gary Enos said the company was keen to foster the relationship with Bermuda Commercial.

The alliance is one of the State Street's ambitions in the global custody business.

"We have been dying to get access to the Bermuda market,'' he said. "Bermuda Commercial Bank is not just our partner, they are our client.'' State Street specialises in global custody, the provision of services to pension and mutual funds. Over the past five years State Street has embarked on a global expansion of its services, including to offshore locations like Bermuda.

"We offer full service accounting to collective investment schemes,'' Mr.

Enos said. "That money has a tendency to move. We want to capitalise on that trend. We think Bermuda is one of the places it will come. We have the horsepower to pursue that business.'' The bank also made the alliance because of Bermuda's captive insurance market.

It's a business State Street wants to be able to provide services for. Under the agreement BCB will provide a range of State Street products including custody, administrative, accounting and trustee services to captives, mutual funds, personal trusts and general corporate accounts. In the initial stages of the alliance, State Street will act as a sub-custodian to BCB. In turn BCB will have access to State Street technology.