U.S. Trust Corp. has agreed to buy out the individual investment account business of a prominent New York money manager.

The New York banking company will pay up to $20 million cash to acquire all of the investment accounts for wealthy individuals and families now managed by J.& W. Seligman & Co. The deal, for accounts with $900 million of assets, is expected to close in April.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.