Products November 3, 2002
BoNY Buys Boston Fund Manager
March 11, 2002 (PLANSPONSOR.com) - 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.
Reported by Camilla Klein
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.