BBH will continue to invest in the people,
technologies, and market segments that make Investor Services a
differentiated and valued offering for the world's most
sophisticated institutional investors
NEW
YORK, Nov. 30, 2022 /PRNewswire/ -- Brown
Brothers Harriman & Co. (BBH) today announced that it has
mutually agreed with State Street to terminate the agreement to
sell its Investor Services business to State Street Corporation
(NYSE: STT). BBH made this decision after it became clear that
State Street will be unable to obtain necessary approvals from its
regulators for the agreed transaction.
"It is disappointing that State Street's inability to secure
regulatory approval precluded the compelling vision that they
brought to us," said Bill
Tyree, Managing Partner of BBH. "That said, we can now
move beyond the State Street transaction and return our undivided
attention to day-to-day service excellence, to being an employer of
choice, and to shaping the many opportunities before us in the
interests of our clients and employees. BBH has no other plan to
sell the Investor Services business or to pursue another
transaction."
Tyree continued, "BBH has achieved its differentiated market
position as a result of deep subject matter expertise, unmatched
client service, global coordination, and high automation. Going
forward, our clients can expect more of the same. We will continue
to invest in the people, technologies, and select market segments
that are unique to BBH. These remarkable resources remain intact at
BBH, and we are as dedicated as ever to helping clients meet their
goals."
BBH's Partner responsible for Investor Services, Sean
Páircéir, added, "We validated over the past year that there is
a unique place for BBH in the asset servicing industry. Our
position as a specialized player and premium service provider
remains a valued, differentiated choice among the world's most
sophisticated and discerning institutional investors. I remain
extremely confident in BBH and the Investor Services business'
ability to deliver for our clients."
The Investor Services business, including associated technology,
geographic scope, competitive dynamics, and regulation, has evolved
continuously. BBH's cultural competence for adaptation and
innovation has endured for over 200 years and is reflected in a
leadership team that is unsurpassed in tenure and experience in the
securities servicing industry.
About Brown Brothers Harriman
BBH is an
independent, global financial services firm founded in 1818 and
headquartered in New York City. It
counts among its clients institutions, privately-held companies,
families and wealthy individuals which it serves through its three
business lines: Investor Services, Investment Management and
Private Banking. The firm is known for its exceptional client
service and selectivity.
BBH's Investor Services business provides cross-border custody,
accounting, administration, execution and advanced technology
services to many of the world's leading asset managers and
financial institutions. BBH's Investment Management and Private
Banking businesses manage public and private securities portfolios,
advise banking clients on strategic direction, provide debt
financing and banking services and offer trust and estate
services.
BBH, including BBH Investor Services, operates in over 90
markets worldwide from 17 offices. BBH employs approximately 6,000
professionals. For more information, please visit www.bbh.com.
Contact
BBH@brunswickgroup.com
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SOURCE Brown Brothers Harriman