BOSTON - State Street Corp. has completed the purchase of Bel Air Investment Advisors LLC, an independent investment management firm in Los Angeles.
Bel Air, with $3.1 billion of assets under management, provides financial advice to high-net-worth individuals and families. It will be a majority-owned unit of State Street, but will continue to operate as an independent company.
State Street had reached a definitive agreement with Bel Air in December. The purchase was announced Thursday.
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