State Street is poised to acquire investment and front - office services firm Charles River Development in a $ billion deal . Charles River has more than 300 clients in institutional , wealth , asset owner and alternative markets , including 49 of the top 100 asset managers totalling more than $ 25tn assets under management . Charles River posted more than $ 300 m in revenues last year . The acquisition will strengthen State Street 's front office operations via Charles River 's automated services . The acquisition will significantly boost the custodian’s front office capabilities for asset managers through Charles River’s automated provisions. The transaction is expected to close by the end of the year .
State Street is poised to acquire investment and front - office services firm Charles River Development in a $ billion deal . Charles River has more than 300 clients in institutional , wealth , asset owner and alternative markets , including 49 of the top 100 asset managers totalling more than $ 25tn assets under management . Charles River posted more than $ 300 m in revenues last year . The acquisition will strengthen State Street 's front office operations via Charles River 's automated services . The transaction is expected to close by the end of the year .