UPDATE 1-Swiss private bank lands State Street bond team

* State Street Global Advisor reorganising in Europe

* Terms of deal not disclosed

* Three team members represent $billions in AuM

(Adds details)

ZURICH, April 20 (BestGrowthStock) – Swiss private bank Syz & Co
will acquire a Zurich-based institutional Swiss bond team from
State Street Global Advisors’ as SSgA reorganises its European
operations, the companies said in a joint statement on Tuesday.

They did not disclose terms for the transfer of the
three-member fixed-income team to Syz from SSgA, the
institutional investment management arm of State Street
Corporation (STT.N: ).

“We encourage our clients to accept the proposed change as
it allows for continuity with the same approach and asset
management team, within a solid organization which understands
the complex needs of institutional investors,” said Ruediger
Zeppenfeld, SSgA’s managing director in Zurich.

The transfer represented several billions of dollars in
assets under management and very high quality clients, including
public and private pension funds, the companies said.

“This domestic client base strengthens our institutional
asset management business and ideally complements our own
existing client base,” said Syz asset management head Paolo
Luban.
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(Reporting by Jason Rhodes, editing by Will Waterman)

UPDATE 1-Swiss private bank lands State Street bond team