State Street acquires BBH Investor Services for $ 3.5 billion

0

State Street will acquire the investor services group of Brown Brothers Harriman (BBH) for $ 3.5 billion.

The acquisition will result in State Street buying of BBH’s custody, accounting, fund administration, global markets and technology services groups.

BBH will continue to own and operate its private banking and investment management businesses independently of State Street.

“The investment services industry enjoys strong fundamentals as global growth in financial assets drives industry revenues. This combination with BBH Investor Services helps us solidify our position as an innovator and industry leader, ”said Ron O’Hanley, President and CEO of State Street, in a statement.

“We are strengthening our leadership position in a range of services, strengthening our position in a number of key markets, strengthening our relationships with many of the world’s leading asset managers and owners, and increasing our capabilities and scale. In addition, BBH Investor Services brings us strong talent, including service excellence and industry execution quality, ”he added.

The deal is expected to close at the end of the year, subject to regulatory approvals and closing conditions, at which time BBH Investor Services employees will move to State Street, while senior management will move to State Street in leadership roles.

BBH Investor Services had $ 5.4 billion in assets on deposit as of June 30.


Source link

Share.

Leave A Reply