State Street Global Alliance, the strategic venturing joint partnership between Boston's State Street Global Advisors and the Netherlands pension fund Stichting Pensioenfonds ABP, said it has bought a minority interest in Sectoral Asset Management, a Montreal institutional investment manager focused on the health-care sector.
With $2.9 billion of assets under management, Sectoral specializes in managing equity portfolios in the global health-care and pharmaceutical-biotechnology sectors. In addition to separately managed institutional accounts, Sectoral manages health-care mutual funds for U.S. and global clients.
State Street Global Alliance invests in early-stage asset managers that complement State Street Global Advisors' investment vehicles.
State Street Global Advisors, which announced the deal Tuesday, is a division of State Street Corp., that has invested in seven portfolio companies, which had a combined $21.6 billion of assets under management at June 30.
