Bank of New York's brokerage unit will acquire Standard & Poor's institutional brokerage business, said Michael Privitera, S&P spokesman. Terms were not disclosed. BNY Brokerage will assume Standard & Poor's Securities' client relationships, and the deal will enable investment managers to obtain S&P investment research and corporate data products through execution services provided by BNY Securities Group broker-dealers, officials from the firms said in a joint statement. S&P wants to concentrate more strongly on its core business of investment research, Mr. Privitera said.
The transaction, which remains subject to regulatory approval, is expected to close at the end of February, Mr. Privitera said.