LONDON (ShareCast) - (Sharecast News) - State Street has agreed to buy Brown Brothers Harriman & Co.'s investor services business, including its custody, accounting, fund administration, global markets and technology services, for $3.5bn in cash.
Following the deal, BBH will continue to independently own and operate its separate private banking and investment management businesses, State Street said.

BBH Investor Services is a global asset servicer with expertise in cross-border, alternatives, ETFs, and other high-growth asset classes. As of June 30 2021, it had $5.4trn in assets under custody, adding to State Street's $31.9trn.

State Street chairman and chief executive Ron O'Hanley said: "The investment servicing industry enjoys strong fundamentals as worldwide growth in financial assets drives industry revenues. This combination with BBH Investor Services helps us consolidate our position as the industry innovator and leader.

"We are enhancing our leadership position across a range of services, augmenting our position in a number of key markets, growing relationships with many of the leading global asset managers and owners, and increasing our capabilities and scale. Additionally, BBH Investor Services brings us strong talent, including industry leading service excellence and quality execution."

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