State Street Corporation has completed the acquisition of the remaining minority interest in Elkins/McSherry, a data analytics firm that measures and tracks portfolio cost efficiency.
Founded in New York in 1991 by James Elkins and Richard McSherry, the firm calculates global equity trading costs by measuring trade execution commissions and fees, as well as the market impact calculation of trading effectiveness.
The firm, which has operated as a majority-owned subsidiary of State Street since 1999, will next month relocate to State Street's new offices at 2 World Financial Center in lower Manhattan.
McSherry will continue to work with State Street as an independent consultant while Elkins will leave the firm. State Street has appointed James Bryson as interim president of the business. He has been with Elkins/McSherry for 10 years, holding the title of senior managing director and sales manager for the past seven years.
Robert Tarter, EVP, State Street, says: "State Street has pursued a strategy to acquire best-of-breed firms such as Elkins/McSherry and the WM Company. With these additions, we are able to offer our clients access to an unrivalled and innovative array of performance and analytics capabilities."
Terms of the agreement were not disclosed.