New York, November 30, 2022 – Brown Brothers Harriman & Co. (BBH) today announced that it has mutually agreed with State Street to terminate the agreement to sell its Investor Services business to State Street Corporation (NYSE: STT). BBH made this decision after it became clear that State Street will be unable to obtain necessary approvals from its regulators for the agreed transaction.
“It is disappointing that State Street’s inability to secure regulatory approval precluded the compelling vision that they brought to us,” said Bill Tyree, Managing Partner of BBH. “That said, we can now move beyond the State Street transaction and return our undivided attention to day-to-day service excellence, to being an employer of choice, and to shaping the many opportunities before us in the interests of our clients and employees. BBH has no other plan to sell the Investor Services business or to pursue another transaction.”
Tyree continued, “BBH has achieved its differentiated market position as a result of deep subject matter expertise, unmatched client service, global coordination, and high automation. Going forward, our clients can expect more of the same. We will continue to invest in the people, technologies, and select market segments that are unique to BBH. These remarkable resources remain intact at BBH, and we are as dedicated as ever to helping clients meet their goals.”
BBH’s Partner responsible for Investor Services, Sean Páircéir, added, “We validated over the past year that there is a unique place for BBH in the asset servicing industry. Our position as a specialized player and premium service provider remains a valued, differentiated choice among the world’s most sophisticated and discerning institutional investors. I remain extremely confident in BBH and the Investor Services business’ ability to deliver for our clients.”
The Investor Services business, including associated technology, geographic scope, competitive dynamics, and regulation, has evolved continuously. BBH’s cultural competence for adaptation and innovation has endured for over 200 years and is reflected in a leadership team that is unsurpassed in tenure and experience in the securities servicing industry.
About Brown Brothers Harriman
BBH is an independent, global financial services firm founded in 1818 and headquartered in New York City. It counts among its clients institutions, privately-held companies, families and wealthy individuals which it serves through its three business lines: Investor Services, Investment Management and Private Banking. The firm is known for its exceptional client service and selectivity.
BBH’s Investor Services business provides cross-border custody, accounting, administration, execution and advanced technology services to many of the world’s leading asset managers and financial institutions. BBH’s Investment Management and Private Banking businesses manage public and private securities portfolios, advise banking clients on strategic direction, provide debt financing and banking services and offer trust and estate services.
BBH, including BBH Investor Services, operates in over 90 markets worldwide from 17 offices. BBH employs approximately 6,000 professionals. For more information, please visit www.bbh.com.
Brown Brothers Harriman & Co. (“BBH”) may be used as a generic term to reference the company as a whole and/or its various subsidiaries generally. This material and any products or services may be issued or provided in multiple jurisdictions by duly authorized and regulated subsidiaries. This material is for general information and reference purposes only and does not constitute legal, tax or investment advice and is not intended as an offer to sell, or a solicitation to buy securities, services or investment products. Any reference to tax matters is not intended to be used, and may not be used, for purposes of avoiding penalties under the U.S. Internal Revenue Code, or other applicable tax regimes, or for promotion, marketing or recommendation to third parties. All information has been obtained from sources believed to be reliable, but accuracy is not guaranteed, and reliance should not be placed on the information presented. This material may not be reproduced, copied or transmitted, or any of the content disclosed to third parties, without the permission of BBH. All trademarks and service marks included are the property of BBH or their respective owners. © Brown Brothers Harriman & Co. 2022. All rights reserved.