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STATE STREET . BROWN BROTHERS HARRIMAN STATE STREET TO ACQUIRE BROWN BROTHERS HARRIMAN INVESTOR SERVICES State Street Will Become the World's # 1 Provider of Asset Servicing¹ Brings Together Two Premier Businesses with Significant Scale to Drive Benefits for Clients and Shareholders Earnings Accretion Expected in Year 1² State Street Increases Pre - Tax Margin Medium - Term Financial Target Boston and New York , September 7 , 2021 - State Street Corporation ( NYSE : STT ) and Brown Brothers Harriman & Co. ( BBH ) today announced that they have entered into a definitive agreement for State Street to acquire BBH's Investor Services business , including its custody , accounting , fund administration , global markets and technology services , for $ 3.5 billion in cash . Following the transaction , BBH will continue to independently own and operate its separate Private Banking and Investment Management businesses . The parties are targeting year - end 2021 to complete the acquisition , subject to regulatory approvals and customary closing conditions . BBH Investor Services is a global asset servicer with a track record of exceptional client service and deep expertise in cross - border , alternatives , ETFs , and other high - growth asset classes . As of June 30 , 2021 , BBH Investor Services had $ 5.4 trillion in Assets Under Custody ( AUC ) , adding to State Street's $ 31.9 trillion in AUC.³ The acquisition is expected to advance State Street's strategy as an enterprise outsource solutions provider by creating the number one asset servicer globally , ¹ strengthening competitive positioning , expanding geographic coverage and enhancing client experience . " The Investment Servicing industry enjoys strong fundamentals as worldwide growth in financial assets drives industry revenues . This combination with BBH Investor Services helps us consolidate our position as the industry innovator and leader , " said Ron O'Hanley , Chairman and Chief Executive Officer of State Street Corporation . " We are enhancing our leadership position across a range of services , augmenting our position in a number of key markets , growing relationships with many of the leading global asset managers and owners , and increasing our capabilities and scale . Additionally , BBH Investor Services brings us strong talent , including industry leading service excellence and quality execution . " Page 1 " We made this decision after careful consideration of the current and future landscape of the global securities servicing industry , including how best to support and innovate for the growing breadth and complexity of our clients ' servicing requirements , " said Bill Tyree , managing partner of BBH . " State Street is the ideal partner - a