“Clients today want solutions that can add value and achieve efficiencies from portfolio modeling and construction all the way through to custody as they face increasing complexity and regulatory expectations, and the need to manage costs and achieve product or geographic expansion.” State Street is poised to acquire investment management front-office services firm Charles River Development in a $2.6bn 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. The deal will see Charles River’s global head count grow from about 400 people today to nearly 1,000 by 2021, according to an announcement on Tuesday. 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.
State Street is poised to acquire investment management front-office services firm Charles River Development in a $2.6bn 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. The deal will see Charles River’s global head count grow from about 400 people today to nearly 1,000 by 2021, according to an announcement on Tuesday. 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.