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Rating:A $3B NYC RIA With a Fund Arm Sells Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, July 21, 2016

A $3B NYC RIA With a Fund Arm Sells

Reported by Neil Anderson, Managing Editor

A 174-year-old New England bank is buying a $3-billion RIA in midtown Manhattan with a $502.5-million mutual fund business.

Jack Barnes
People's United
President and CEO
People's Securities, a subsidiary of Bridgeport, Connecticut-based People's United Bank's, is buying New York City-based Gerstein Fisher [profile], People's United president and CEO Jack Barnes confirms . The deal is expected to close in Q4 2016.

Berkshire Capital Securities advised People's United on the deal, while Silver Lane Advisors advised Gerstein Fisher.

Gregg Fisher, chief investment officer at Gerstein Fisher, founded the quantitative shop in 1993. In addition to investment management, the RIA also offers financial planning and tax management services. It entered the mutual fund business six years ago and now has three funds: the five-star, $104.9-million Gerstein Fisher Multi-Factor Global Real Estate Securities Fund; the four-star, $253.9-million Gerstein Fisher Multi-Factor Growth Equity Fund; and the four-star, $143.7-million Gerstein Fisher Multi-Factor International Growth Fund. All three funds come only in no-load, 12b-1-free, institutional shares.

People's United Bank's publicly-traded parent, People's United Financial, has more than 5,000 employees and more than $40 billion in assets. The bank was founded in 1842 and has nearly 400 branches across New York and New England. It's tagline is "What know-how can do."

Fisher says that the two companies "share similar cultures, outstanding client relationships and strong investment performance."

"We believe that our investment strategies, combined with People's United's large distribution network, will allow us to help more people invest smartly to achieve their goals than Gerstein Fisher could have on a standalone basis."

Barnes trumpets Gerstein Fisher's "well-known quantitative investment approach and scalable technology-enabled platform."

"The transaction supports recent strategic investments in our fee income businesses and strengthens our New York franchise," Barnes states.

"Gerstein Fisher's client focus, quantitative portfolio management and well-rated mutual funds complement People's United's offerings and expertise," states Galan Daukas, senior executive vice president of People's United Wealth Management. "In addition, our partnership will generate excellent opportunities for shared growth throughout our collective geographic footprint."

Once the deal closes, the bank's People's United Wealth Management arm will have nearly $20 billion in assets under administration, including about $8 billion "under discretionary management." 

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