On July 21, 2016, People's United Bank, N.A. announced that its subsidiary, People’s Securities, Inc., will acquire New York-based asset manager Gerstein Fisher.
People’s Securities, Inc. (“People’s Securities”), a subsidiary to People's United Bank, N.A. (“People’s Bank”), has entered into a definitive acquisition agreement with Gerstein Fisher that will add over $3 billion in assets to People’s Securities AUM. At the closing of the transaction, the People’s Bank will have an estimated total AUM of $20 billion. The transaction is expected to close at the end of 2016, and is subject to customary approvals. Gerstein Fisher's Founder and CIO, Gregg S. Fisher, will become the Head of Quantitative Research and Portfolio Strategy for People's United.
Founded in 1993 and headquartered in New York, N.Y., Gerstein Fisher is an independent boutique investment management firm that integrates academic research into quantitative portfolio structuring and investment solutions.
Founded in 1842, People’s United Bank, N.A., is a commercial and retail bank with over $40 billion in assets that offers community banking, regional banking services, and wealth management services in Connecticut, Massachusetts, New York, Vermont, New Hampshire and Maine.
Berkshire Capital Securities LLC is People's United’s financial advisor and Silver Lane Advisors LLC is Gerstein Fisher’s financial advisor in the deal.
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