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Article: In Shift, State Street Turns to Advisory: It's buying into an investment adviser to the rich (and some famous).(State Street Corp. acquires Bel Air Investment Advisors L.L.C.)(Brief Article)
- Article from:
- American Banker
- Article date:
- December 8, 2000
- Author:
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Hoping to capitalize on the boom in serving the superrich, State Street Corp. said Thursday it had agreed to buy a majority stake in Bel Air Investment Advisors LLC for $217 million in cash and stock.
With 28 employees and $3.7 billion of assets under management, Los Angeles-based Bel Air manages the personal portfolios of 200 ultrawealthy clients, among them the celebrities Barbra Streisand, Lee Iacocca, and Geraldo Rivera.
The deal is a shift in strategy that is likely to lead to similar acquisitions in the New York metropolitan area and in San Francisco, and is an effort by State Street to go head-to-head in the wealth management business with the ...