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State Street's latest acquisition, Charles River, will be merged with the Boston group's analytics division State Street Global Exchange (SSGX), according to a senior executive at the firm.
On July 20, State Street revealed an agreement to purchase financial data firm Charles River Development for $2.6 billion in a cash and equity deal expected to be completed by the end of 2018.
State Street, now the largest custodian by the value of the assets it services, aims to integrate Charles River’s front-office platform into its existing capabilities for institutional investors.
Speaking to Global Investor, Lou Maiuri, executive vice-president for SSGX and State Street Global Markets, said the firm would bring together SSGX and Charles River, arguing that their respective offerings are “very complementary.”
“SSGX and Charles River will be merged together,” Maiuri said. “We’re going to bring all the...