State Street Buys The Rest Of TCM Firm Elkins McSherry

State Street has bought the remaining minority interest in Elkins McSherry LLC, the transaction cost management business in which it has held a majority stake since 1999. Terms of the agreement were not disclosed. Elkins McSherry, founded in New York

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State Street has bought the remaining minority interest in Elkins/McSherry LLC, the transaction cost management business in which it has held a majority stake since 1999. Terms of the agreement were not disclosed.

Elkins/McSherry, founded in New York City in 1991 by James Elkins and Richard McSherry, is a data analysis firm that measures and tracks portfolio cost efficiency. It aims to calculate global equity trading costs by measuring trade execution commissions and fees, as well as market impact.

Starting next month, Elkins/McSherry will operate out of State Street’s new offices at 2 World Financial Center in lower Manhattan. Richard McSherry will continue to work with State Street as an independent consultant while James Elkins will retire from Elkins/McSherry to manage his personal investments. James Bryson has been appointed as interim president of Elkins/McSherry. He has been with Elkins/McSherry for 10 years, holding the title of senior managing director and sales manager for the past seven years.

“We’re delighted to complete this acquisition of Elkins/McSherry,” says Robert R. Tarter, executive vice president of State Street. “Our five-year relationship has brought considerable benefits to our clients who can access leading-edge transaction cost analysis services. In addition to our own proprietary analytics and performance measurement services, 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.”

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