State Street Corp. has agreed to purchase a Boston brokerage firm, Pulse Trading Inc.
The transaction includes the acquisition of Pulse Trading's institutional equities business and approximately 40 employees in Boston, New York, St. Louis and San Francisco. The financial terms of the deal, which is expected to close in the fourth quarter, were not disclosed.
"The acquisition of Pulse Trading is a natural extension of State Street Global Markets' neutral, agency model," David Puth, executive vice president of State Street Global Markets, said in a press release Wednesday. "Pulse Trading's sophisticated technology and block trading capabilities will expand the number of execution venues and the range of electronic trading tools available to our clients and ultimately help lower their trading costs."