State Street cancels $3.5bn acquisition of Brown Brothers arm

Due to regulatory issues

Elliot Gulliver-Needham
clock • 1 min read

State Street Corporation has cancelled its planned $3.5bn acquisition of the investor services business of Brown Brothers Harriman & Co.

State Street attributed the decision to regulatory problems, stating that the regulatory path forward would involve further delays and not all necessary approvals have been resolved. The transaction structure had become "increasingly complex" and "presented additional operational risk to State Street", the firm said. The deal, which was announced in September last year, would have seen the acquisition of BBH's custody, accounting, fund administration, global markets and technology services operations. FCA fines Julius Baer £18m over 'corrupt' relationship with Russian oil conglomer...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

Trustpilot