NU Online News Service, Jan. 31, 2005, 5:20 p.m. EST
A large New York insurer has stepped away from a well-known money management firm.[@@]
The insurer, MetLife Inc., New York, says it has completed a deal announced in August 2004 to sell its State Street Research money management unit to BlackRock Inc. for $375 million in cash and stock.
BlackRock, New York, is an investment manager controlled by PNC Financial Services Group Inc., Pittsburgh.
Although State Street is a well-known company, it accounted for just 2% of MetLife's 2003 net income.
The BlackRock deal should add at least $145 million to MetLife's 2005 net income, MetLife says.
State Street Research was founded in 1924 and is one of the oldest surviving U.S. investment management companies. The company and an affiliate, SSR Realty Advisors, now manage more than $50 billion in assets, including about $30 billion in MetLife-related accounts.
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