Bank of New York will acquire Autranet, an independently operated agency brokerage subsidiary of Credit Suisse First Boston. Terms were not disclosed, and the deal is subject to regulatory approval.
Autranet will become part of Bank of New Yorks brokerage and clearing services unit. Autranet will be combined with an existing subsidiary BNY ESI to create a large agency brokerage company that will broaden trading strategies as well as pools of liquidity available to institutional clients. Autranet provides third-party research to more than 500 institutional investment managers. Services include research on trade execution, operational and administrative support, research selection and procurement services, and regulatory support.