State Street Buys Quant Firm, Will Adopt Quantitative Strategy
MANAGEMENT & INFRASTRUCTURE
When State Street Bank acquired a majority interest in Advanced Investment Technology of Clearwater, FL, last month, it picked up much more than a small team of expert fund managers, it also gained the rights to the firm's quantitative analytical techniques that the bank hopes will push its portfolios to outperform the market.
The price of the purchase has not been disclosed, but as part of the acquisition, State Street is creating a research lab that will be directed by AIT's chief executive
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