"A key growth strategy for U.S. Trust nationwide has been expanding into areas where wealth is concentrated," said Weber. "This transaction marks our largest acquisition to date and immediately establishes U.S. Trust as a significant presence in the important New England market."
The Private Asset Management business acquired from State Street has approximately $11 billion in assets under management and is a leading provider of investment management and fiduciary services to affluent individuals and families in New England. It will now operate under the U.S. Trust name, maintaining its principal office in Boston, and regional offices in Hartford, Connecticut, Osterville, Massachusetts, and Manchester, New Hampshire.
Eric Hayes, division head and senior principal for State Street's Private Asset Management business, has been appointed regional chief executive officer at U.S. Trust and will head the Firm's business in upper New England. The group will retain its current management and all 182 employees are joining U.S. Trust.
"We're thrilled to be part of U.S. Trust," said Hayes. "Our clients will benefit from the additional services now available to them, while continuing to be served by the same professionals who have served them in the past."
U.S. Trust will add its full array of private banking services to the investment management and fiduciary services already provided by State Street's Private Asset Management business to create a full-service wealth management firm that will serve clients throughout New England.
U.S. Trust paid $365 million in cash for the Private Asset Management business. The transaction was originally announced on June 25, 2003.
Founded in 1853, U.S. Trust is a wealth management company that provides planning, investment management, fiduciary and private banking services. Headquartered in New York City, U.S. Trust has $85 billion in assets under management, as of Sept. 30, 2003, and serves affluent individuals, families and institutions nationwide through its offices in California, Connecticut, Delaware, the District of Columbia, Florida, Minnesota, New Jersey, North Carolina, Oregon, Pennsylvania, Texas, Virginia and Washington.
U.S. Trust Corporation is a wholly-owned subsidiary of The Charles Schwab Corporation and is a member FDIC. Deposits are FDIC insured up to $100,000 aggregate principal and interest. Investments are NOT FDIC INSURED, NOT BANK GUARANTEED and MAY LOSE VALUE.