Shares of U.S. Trust Corp., New York, surged $1.375 to a new high of $53.75 Monday, on news it had entered discussions with an unnamed bidder to sell its securities processing business.

Included in that unit are institutional custody, mutual fund servicing and unit trusts. Market sources speculated that the bidder is a money-center bank.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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