State Street Corp. is buying a 75% majority interest in Bel Air...

State Street Corp. is buying a 75% majority interest in Bel Air Investment Advisors and 100% of its broker-dealer arm, Bel Air Securities, for a total of $217 million in cash and stock. Bel Air manages $3.7 billion for 200 high-net-worth individuals and families, many in the entertainment industry. State Street Global Advisors will oversee operations of Bel Air, which will remain independently run. SSgA manages about $20 billion for private clients.