BOSTON – FleetBoston Financial Corp. has completed its acquisition of Liberty Financial’s investment business for about $1 billion. Fleet had announced its planned acquisition in June. In acquiring Liberty’s investment business, FleetBoston added $47 billion in managed assets for a total of $170 billion, as well as 1,200 employees. Bloomberg News Service quoted Brian Moynihan, the Fleet executive in charge of brokerage and wealth management, as saying of the new employees acquired, “We will pick and choose, but there won’t be a major consolidation.” FleetBoston reportedly paid about $900 million in cash and assumed $110 million in Liberty’s debt.
(Compiled from news reports and releases, print and electronic.)
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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