State Street, UBS Are in Talks to Merge Asset Management Businesses
December 11 2020 - 8:42PM
Dow Jones News
By Justin Baer
State Street Corp. and UBS Group AG are in talks to merge their
asset-management businesses, according to people familiar with the
matter.
The firms have held discussions since early 2020, and by this
summer appeared close to an agreement, the people said. It is
unclear why a deal didn't materialize at that time, but the two
sides remained in touch.
State Street had hired Goldman Sachs Group Inc. to review the
options for its investing business, called State Street Global
Advisors, the people said.
State Street's decision to weigh options for its
asset-management business, including a possible merger with UBS or
another firm, was reported earlier by Bloomberg News.
(More to come)
Write to Justin Baer at justin.baer@wsj.com
(END) Dow Jones Newswires
December 11, 2020 20:27 ET (01:27 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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