Investors Financial Services acquired the advisory custody unit of Chase Manhattan Banks National Consumer Services division for $42 million. The unit, which services $27 billion in assets, provides advisory and administrative services to investment advisers. It will become part of Investors Bank & Trust, an Investors Financial subsidiary. The transaction is expected to be complete in the first quarter of 2001. Upon completion, assets processed by Investors Bank & Trust will total $338 billion.
All 58 employees of the advisory custody unit will have the opportunity to remain employees after the merger.