BRIDGEPORT, Conn., Nov. 2, 2016 /PRNewswire/ -- People's United
Bank, N.A. today announced completion of the acquisition of
Gerstein Fisher, a $3 billion, New York
City-based investment management firm, by its subsidiary,
People's Securities, Inc. The combined company brings People's
United Wealth Management's total assets under administration to
over $20 billion, of which
approximately $8 billion is under
discretionary management.
Founded in 1993 and featured in Barron's "Top 100 Financial
Advisors" list for six consecutive years, Gerstein Fisher manages assets using a
quantitative Multi-Factor® approach, which structures portfolios to
overweight the factors that leading-edge academic research has
identified as having the potential to deliver enhanced returns.
"We are excited to officially integrate the know-how of
Gerstein Fisher's talented team with
that of our own Wealth Management group," said Jack Barnes, President and Chief Executive
Officer. "Gerstein Fisher's client
focus, respected quantitative investment approach and scalable
technology-enabled platform will greatly benefit our broader,
shared market."
"Together we are able to provide an even greater suite of
investment solutions to individuals, families, institutions, and
third-party platforms," said Galan Daukas, Senior Executive Vice
President, People's United Wealth Management. "In addition, we are
extremely pleased to have the guidance of Gerstein Fisher's Founder and CIO, Gregg S. Fisher, who begins his new role as Head
of Quantitative Research and Portfolio Strategy."
"We are thrilled that Gerstein
Fisher's industry-leading Multi-Factor® strategies will
become the Bank's quantitative investment offering," said
Gregg S. Fisher. "Together, we
look forward to giving more individuals across the wealth spectrum
access to this scientific, research-driven investment
approach."
People's United Financial, Inc. (NASDAQ: PBCT) expects the
transaction to be modestly accretive to earnings in 2017 with an
IRR of over 15%. The transaction contains a portion of contingent
consideration based on the achievement of revenue growth
targets.
Berkshire Capital Securities LLC served as financial advisor to
People's United. Silver Lane Advisors LLC served as financial
advisor to Gerstein Fisher.
For information about People's Securities, Inc., read more at
peoples.com.
About People's United Bank
People's United Bank, N.A. is a subsidiary of People's United
Financial, Inc. (NASDAQ: PBCT), a diversified financial services
company with over $41 billion in
assets. People's United Bank, founded in 1842, is a premier,
community-based, regional bank in the Northeast offering commercial
and retail banking, as well as wealth management services through a
network of approximately 400 retail locations in Connecticut, New
York, Massachusetts,
Vermont, New Hampshire and Maine.
About Gerstein Fisher
Gerstein Fisher is an investment
management firm headquartered in New York
City. Founded in 1993, the firm manages assets using a
quantitative, Multi-Factor® approach grounded in economic theory
and time-tested academic research. Drawing on a deep understanding
of both market dynamics and investor behavior, Gerstein Fisher has more than two decades of
experience creating innovative solutions for investors. For more
information, please visit www.GersteinFisher.com.
# # #
People's United Bank. "What know-how can
do." ®
Visit us at peoples.com and follow us
on Facebook and Twitter.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/peoples-united-bank-gerstein-fisher-merger-complete-offering-wide-range-of-innovative-investment-solutions-300355852.html
SOURCE People's United Bank, N.A.