"We are excited to officially integrate the know-how of Gerstein Fisher's talented team with that of our own Wealth Management group," said Jack Barnes, President and Chief Executive Officer. "Gerstein Fisher's client focus, respected quantitative investment approach and scalable technology-enabled platform will greatly benefit our broader, shared market."
"Together we are able to provide an even greater suite of investment solutions to individuals, families, institutions, and third-party platforms," said Galan Daukas, Senior Executive Vice President, People's United Wealth Management. "In addition, we are extremely pleased to have the guidance of Gerstein Fisher's Founder and CIO, Gregg S. Fisher, who begins his new role as Head of Quantitative Research and Portfolio Strategy."
"We are thrilled that Gerstein Fisher's industry-leading Multi-Factor® strategies will become the Bank's quantitative investment offering," said Gregg S. Fisher. "Together, we look forward to giving more individuals across the wealth spectrum access to this scientific, research-driven investment approach."
People's United Financial, Inc. (NASDAQ: PBCT) expects the transaction to be modestly accretive to earnings in 2017 with an IRR of over 15%. The transaction contains a portion of contingent consideration based on the achievement of revenue growth targets.
Berkshire Capital Securities LLC served as financial advisor to People's United. Silver Lane Advisors LLC served as financial advisor to Gerstein Fisher.
For information about People's Securities, Inc., read more at peoples.com.
About People's United Bank
People's United Bank, N.A. is a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), a diversified financial services company with over $41 billion in assets. People's United Bank, founded in 1842, is a premier, community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of approximately 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.
About Gerstein Fisher
Gerstein Fisher is an investment management firm headquartered in New York City. Founded in 1993, the firm manages assets using a quantitative, Multi-Factor® approach grounded in economic theory and time-tested academic research. Drawing on a deep understanding of both market dynamics and investor behavior, Gerstein Fisher has more than two decades of experience creating innovative solutions for investors. For more information, please visit www.GersteinFisher.com.
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SOURCE People's United Bank, N.A.