Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
ThinkAdvisor

Portfolio > Alternative Investments > Hedge Funds

U.S. Trust to Buy State Street Private Asset Unit

X
Your article was successfully shared with the contacts you provided.

BOSTON (HedgeWorld.com)–U.S. Trust Corp. agreed definitively to buy State Street Corp.’s private asset management business for US$365 million in cash.

Reports of the purchase first surfaced earlier in the week. The operation, centered in the Northeast, will keep its current management but will adopt the U.S. Trust name.

State Street’s private asset business has US$11.5 billion under management and had revenue of US$80 million. U.S. Trust is active in hedge funds and is owned by Charles Schwab & Co. Inc., San Francisco, which also offers hedge funds but isn’t eager to discuss them Previous HedgeWorld Story.

[email protected]


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.