BNY ESI & Co., the brokerage unit of Bank of New York Co., is buying Institutional Securities Trading LLC, a Savannah, Ga., brokerage firm serving pension plans for unions.
Terms of the agreement, signed this week, were not disclosed.
Institutional Securities supplies more than 100 pension plans with a full correspondent network for domestic equity and fixed-income transactions. It would be consolidated into BNY's brokerage business, Bank of New York said in a statement.
BNY serves more than 200 pension plan sponsors, foundations, and endowments.