BoNY Buys Boston Fund Manager

March 11, 2002 ( - The Bank of New York (BoNY) has signed a definitive agreement to acquire Gannett Welsh & Kotler, Inc (GW&K), a privately held asset management firm based in Boston, Massachusetts.

GW&K manages approximately $5 billion for small to mid-sized institutions and high net worth individuals, offering both fixed income and equity portfolio management services.

The firm’s fixed income management style, which focuses on capital preservation and tax-advantaged returns for individually managed accounts, will expand the alternatives in this area for BoNY’s clients, while GW&K’s current clients will be able to access the full array of The Bank of New York’s products and services.

The addition of GW&K to BNY Asset Management increases the group’s assets under management to approximately $72 billion.

Terms of the deal were not disclosed.