State Street To Buy CF Global Trading; Financial Terms Not Disclosed

(RTTNews) - Financial services provider State Street Corp. (STT) announced Wednesday that it has entered into a definitive agreement to acquire CF Global Trading, a firm specializing in outsourced trading. Financial terms are not being disclosed.

The transaction is expected to be completed by the end of 2023, subject to customary closing conditions.

CF Global Trading helps asset managers extend global trading infrastructure, improve access to liquidity, streamline workflow and reduce trading and infrastructure costs.

It has expertise across multiple asset classes and will have execution desks in Hong Kong, London, New York and Lisbon, which would be opened by the time of the close of the acquisition.

The deal is expected to further expand State Street's current outsourced trading.

Dan Morgan, global head of Portfolio Solutions at State Street, said, "With the addition of CF Global Trading, we add scale and significant expertise to our outsourced trading services that will complement and help further bolster our current offerings."

State Street currently provides outsourced trading to clients in the Americas, APAC and Middle East, and CF Global Trading will extend the ability for the firm to provide these services to clients in the UK and the EU.

After closing, the new combined State Street footprint for outsourced trading will include trading desks in Boston, New York, Toronto, London, Lisbon, Hong Kong and Sydney.