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Money Management

State Street to acquire Charles River Development

State Street Corp. (STT) is acquiring Charles River Development, which provides investment management front-office tools and services, for $2.6 billion in cash, said news releases by both companies.

The acquisition will combine Charles River's front- and middle-office software services with State Street's front-, middle- and back-office capabilities to provide State Street with a global buyside platform for asset managers and owners. Once integrated, the platform will enable investment workflows, provide advanced data aggregation, analytics and compliance tools, and connect and exchange data with other industry platforms and providers.

Jay Hooley, State Street chairman and CEO, said in a release that this acquisition will enable the company "to address a large adjacent $8 billion revenue pool for front office services."

The deal, subject to regulatory approvals and customary closing conditions, is expected to close in the fourth quarter.