Bank of New York Co. said Wednesday that it has acquired Swerdlin White Huber Ltd., a Cedar Knolls, N.J., firm that administers and invests charitable gifts for nonprofit organizations. Financial terms of the transaction, which was completed Wednesday, were not disclosed.
Swerdlin White will be a division of the $67 billion-asset bank's personal trust unit. Swerdlin's four employees, including its president, Eric Swerdlin, have joined Bank of New York.
The three-year-old Swerdlin White helps nonprofits invest planned gifts with services that include asset allocation, investment management, comprehensive reporting and program support.
Bank of New York said the business fits in with its own services for nonprofits. Those services include charitable trust administration, asset management, and banking.