NEW YORK - Bank of New York said Monday it has agreed to buy the unit investment trust servicing business of Investors Bank and Trust Co., Boston, for an undisclosed sum.
The business is sponsored by Merrill Lynch & Co. and co-sponsored by Smith Barney, Paine Webber, Prudential Securities, and Dean Witter.
The transaction is expected to close March 1 and will be accretive to earnings immediately, Bank of New York said.
It added that the acquisition is part of the bank's buildup of its worldwide securities processing business. The bank said the acquisition increases the number of trusts serviced by 15%, or 550, to a total of 4,350.