State Street Corp., the third-largest custody bank, agreed to acquire Boston-based Pulse Trading Inc., a full-service agency brokerage. No terms were disclosed.
The deal includes Pulse Trading’s institutional equities business and about 40 employees, the company said today in a Business Wire statement. The deal is expected to close in the fourth quarter, Boston-based State Street said.
Agency brokers execute customer orders and often provide related services. They don’t earn money from proprietary trading or committing capital to facilitate client trading requests.
State Street had $22.8 trillion under custody and administration, and managed $2.1 trillion in client investments as of June 30.