State Street Global invests in Canadian firm
A joint venture of money manager State Street Global Advisors and Dutch pension fund ABP has bought a minority interest in Canadian investment firm Sectoral Asset Management, State Street said today.
State Street Global Alliance, owned jointly by SSgA, the world's biggest institutional money manager, and Stichting Pensioenfonds ABP, the world's third-largest pension fund, has bought the stake in Montreal-based Sectoral to boost its portfolio of asset managers, State Street said in a statement.
The statement did not disclose the financial terms of the transaction or the exact stake bought in the Canadian firm.
Sectoral, which focuses on equity investments in the health care sector, has $2.9 billion in assets under management in mutual funds and separately managed institutional accounts. The new partnership will help boost Sectoral's presence in the North American institutional market, it said.
State Street Global Alliance invests in early stage asset managers and held a portfolio of seven investment firms with total assets of $21.6 billion as of end-June, the firm said.
SSgA is the investment management arm of Boston-based State Street Corp and managed $1.93 trillion of assets as of end-June. (Reuters)
