People’s United nabs New York City investment firm

People’s United Bank subsidiary People’s Securities Inc. has entered into a definitive agreement to acquire Gerstein Fisher, a $3 billion, New York City-based investment management firm.

The transaction is expected to bring People’s United Wealth Management’s total assets under administration to nearly $20 billion, of which approximately $8 billion is under discretionary management.

The deal is expected to close during the fourth quarter, subject to customary approvals and consents including the consent of Gerstein Fisher clients.

“The transaction supports recent strategic investments in our fee income businesses and strengthens our New York franchise,” said Jack Barnes, president and CEO at People”™s United Bank, headquartered in Bridgeport.

Gerstein Fisher’s founder and CIO, Gregg S. Fisher, will join People’s United as head of quantitative research and portfolio strategy.