Schwab Expected to Buy State Street Unit

Discount broker Charles Schwab Corp. is taking another step to expand its base of wealthy customers: The firm has agreed to buy the private-asset management business of State Street Corp. for about $300 million, a person familiar with the matter said.

Boston-based State Street, the world’s largest custodian of assets, probably will announce the sale of the unit, which manages $13 billion for wealthy investors, to San Francisco-based Schwab’s U.S. Trust Corp. this week, the person said.

U.S. Trust, which Schwab bought in 2000, managed $134 billion in client assets at the end of March.

Alan Weber, chief executive of U.S. Trust, told analysts last month that the New York-based business, which focuses on rich individuals and family trusts, wants to enter cities such as Boston, Atlanta and Chicago and may do so through acquisitions.

State Street is shedding divisions to concentrate on managing money for institutions.

State Street spokeswoman Hannah Grove said the company doesn’t comment on rumors or speculation. U.S. Trust spokeswoman Heather Fontaine also declined to comment.