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.

PBarr@HedgeWorld.com