Northern Trust completed the first part of its acquisition of Deutsche Banks global passive asset management business, said Terry Toth, executive vice president of Northern Trust Global Investors.
The original purchase price was $260 million; Mr. Toth would not say what Northern ultimately paid. It was rumored this week that the deal might not go through because client retention was low, reducing the deals minimum asset threshold. Missy DeAngelis, spokeswoman for Deutsche Asset Management in the Americas, declined to comment.
Jim Creighton, who headed the passive business at Deutsche, will become global CIO for passive and enhanced products at NTGI, Mr. Toth said.