Connecticut-based People's United Bank to acquire Gerstein Fisher

People's United Bank is expected to finish the transaction by the end of this year via its subsidiary

Jul 21, 2016 @ 2:35 pm

By Tanvi Acharya

A Connecticut-based bank announced plans to acquire Gerstein Fisher, a $3 billion, independent investment management firm.

People's United Bank is expected to finish the transaction by the end of this year via its subsidiary, People's Securities, Inc., according to a statement released Thursday.

For the bank's wealth management service, this acquisition will raise the total assets under management to about $8 billion and under administration to nearly $20 billion, according to the release.

"The transaction supports recent strategic investments in our fee income businesses and strengthens our New York franchise,” said Jack Barnes, president and chief executive officer of People's United Bank, in the statement.

Gregg S. Fisher, Gerstein Fisher's founder and chief investment officer, will join as head of quantitative research and portfolio strategy.

"We believe that our investment strategies, combined with People's United's large distribution network, will allow us to help more people invest smartly to achieve their goals than Gerstein Fisher could have on a standalone basis," said Mr. Fisher in the release.

The transaction contains a portion of contingent consideration based on the achievement of revenue growth targets and is subject to customary approvals and consents, according to the statement.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

Financial advisers highlight solutions to increase diversity and inclusion

These Excellence in Diversity & Inclusion award winners suggest short-term changes to help foster D&I in the financial advice profession.

Latest news & opinion

SEC commissioner Stein suggests Congress address differing broker, adviser standards

She said lawmakers may have to change 'solely incidental' language that lets brokers give advice.

Social Security and the fear of missing out

How to lower expectations when clients think they're owed a bigger Social Security benefit.

7 things advisers should do today to boost diversity and inclusion

Creating diversity and inclusion within financial advice firms is challenging, but these InvestmentNews Excellence in Diversity & Inclusion award winners have suggestions that firms can put into practice today

The midterm elections: What's at stake for financial advisers

A shift in control of the House could change the course of important issues, including the SEC advice rule, tax reform and retirement policies.

What to tell your clients after they've won the lottery

The current combined Mega Millions and Powerball jackpots are more than $850 million. What should you tell your clients if they have a winning ticket?

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print