State Street: to acquire BBH's investor services business

(CercleFinance.com) - Financial services and bank holding company State Street has announced a definitive agreement with Brown Brothers Harriman (BBH) to acquire its investor services business, including custody, accounting, fund administration, global markets and technology services.


The financial institution will pay 3.5 billion dollars in cash for the deal, which it expects to close in late 2021, subject to regulatory approvals and other customary conditions.

The acquisition is expected to advance State Street's strategy as a provider of enterprise outsourcing solutions, it said, which, as a result of the deal, is raising its medium-term pre-tax margin target to 31%.



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