Founded in 1993 and featured in Barron's "Top 100 Financial Advisors" list for six consecutive years, Gerstein Fisher is one of the country's largest independent boutique investment firms. Gerstein Fisher manages assets using a quantitative Multi-Factor® approach, which structures portfolios to overweight the factors that leading-edge academic research has identified as having the potential to deliver enhanced returns.
"Gerstein Fisher's client focus, quantitative portfolio management and well-rated mutual funds complement People's United's offerings and expertise," said Galan Daukas, Senior Executive Vice President, People's United Wealth Management. "In addition, our partnership will generate excellent opportunities for shared growth throughout our collective geographic footprint."
Gerstein Fisher's Founder and CIO, Gregg S. Fisher, will join People's United as Head of Quantitative Research and Portfolio Strategy. "We look forward to bringing the firm's pioneering Multi-Factor investment approach, as well as the guidance of Gregg Fisher, to our current and future clients," Daukas continued.
"We're very excited to join forces with People's United, as both companies share similar cultures, outstanding client relationships and strong investment performance," said Fisher. "We believe that our investment strategies, combined with People's United's large distribution network, will allow us to help more people invest smartly to achieve their goals than Gerstein Fisher could have on a standalone basis."
The transaction is expected to close during the fourth quarter of 2016, subject to customary approvals and consents, including the consent of Gerstein Fisher clients. People's United 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 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.
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 $40 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.
People's United Bank. "What know-how can do." ®
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SOURCE People's United Bank, N.A.