State Street completes purchase of Deutsche custody

With the $1.5 billion purchase of Deutsche''s global securities business bedded down, State Street begins the process of systems integration and cost reductions.

State Street last week announced the completion of its purchase of Deutsche Bank's securities services, marking a consolidation of global custody providers - a theme which some market players expect to gain momentum throughout 2003.

The $1.5 billion sale sees State Street take over a substantial part of Deutsche Bank's business representing approximately $2.2 trillion in assets as at August 2002. The sale affects mostly the European and US operations where Deutsche Bank had a large global custody presence as well as services in fund administration, securities lending, performance measurement, and benefit payments. One of the core clients being transferred, representing about 25% of the acquired revenues of the business, is Deutsche...

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