BNY to Buy Unit of Wilshire Associates
Bank of New York Co.'s BNY Brokerage Inc. unit will buy the brokerage business of Wilshire Associates, the Santa Monica company known for its Dow Jones Wilshire 5000 stock index, the companies said Tuesday.
BNY Brokerage will take over Wilshire’s client relationships for its execution and commission management assets. It will also provide clearing services for other broker-dealers now serviced by Wilshire’s brokerage business.
Bank of New York, based in New York City, is one of the 15 largest U.S. banks and one of the largest securities servicers.
Wilshire is an investment consulting and advisory firm with more than 600 institutional clients, which have combined assets of more than $12.5 trillion.
Terms of the transaction were not disclosed.
Shares of Bank of New York gained 15 cents to $29.95 on the NYSE.