State Street to Buy N.Y. Risk Manager

State Street Corp. said this week it has a definitive agreement to buy Askari Inc., a risk management advisory firm based in New York.

Terms of the deal, which is expected to close by July 1, were not disclosed. "With the acquisition of Askari, the risk modeling assistance we provide to our clients will be unmatched in the industry," said Dale L. Carleton, vice chairman of State Street.

Askari provides risk management service to banks, insurance companies, and asset management firms.

State Street said its global securities lending unit would be among the first to take advantage of the affiliation.

Under terms of the deal, all Askari's employees, including its founder, Peter N.C. Davies, would become State Street employees.