Bank of New York is buying the execution and commission management assets of Wilshire Associates Inc., a Santa Monica, Calif., investment management and consulting firm.
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The price was not revealed. The deal, which awaits New York Stock Exchange approval, is to close this year.
Under a definitive agreement announced Tuesday, BNY Brokerage Inc. would assume Wilshire's client relationships for the execution and commission management business and provide clearing services for other broker-dealer firms that Wilshire's brokerage business serves.
BNY Brokerage provides execution and commission management services to investment managers, hedge funds, pension funds, endowments, unions, and other plan sponsors.
