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Home / transaction / Berkshire Global Advisors client People’s United Bank acquires Gerstein Fisher
Berkshire Global Advisors client People’s United Bank acquires Gerstein Fisher
  • has acquired

    • Berkshire Global Advisors client People’s United Bank acquires Gerstein Fisher

  • Date: July 2016
  • Sector: Wealth Management
  • Sub-Sector: RIA
  • Region: North America
  • Seller AUM: $2.0 Billion

    • Seller Details
    Gerstein Fisher is an investment management firm headquartered in New York City. Founded in 1993 and featured in Barron’s “Top 100 Financial Advisors” list for six consecutive years, the firm manages assets using a quantitative, Multi-Factor® approach grounded in economic theory and time-tested academic research. Drawing on a deep understanding of both market dynamics and investor behavior, Gerstein Fisher has more than two decades of experience creating innovative solutions for investors.

    Buyer Details
    People’s United Bank, N.A. is a subsidiary of People’s United Financial, Inc. (NASDAQ: PBCT), a diversified financial services company with over $40 billion in assets. People’s United Bank, founded in 1842, is a premier, community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services, through a network of approximately 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine

    Transaction Summary
    The transaction is expected to bring People’s United Wealth Management’s total assets under administration to nearly $20 billion, of which approximately $8 billion is under discretionary management. Gerstein Fisher’s well-known quantitative investment approach and scalable technology-enabled platform will build upon the excellent range of investment solutions offered by People’s United. The transaction supports People’s United’s recent strategic investments in its fee income businesses. The partnership will generate excellent opportunities for shared growth throughout their collective geographic footprint. Both companies share similar cultures, outstanding client relationships and strong investment performance. Gerstein Fisher’s investment strategies, combined with People’s United’s large distribution network, will allow them to help more people invest smartly to achieve their goals than Gerstein Fisher could have on a standalone basis.