State Street Completes Acquisition Of Elkins/McSherry LLC

State Street Corporation has announced that it has completed the acquisition of the remaining minority interest in Elkins McSherry LLC, making it a wholly owned subsidiary of State Street. Terms of the agreement were not disclosed. Elkins McSherry has operated

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State Street Corporation has announced that it has completed the acquisition of the remaining minority interest in Elkins/McSherry LLC, making it a wholly-owned subsidiary of State Street. Terms of the agreement were not disclosed. Elkins/McSherry has operated as a majority-owned subsidiary of State Street since 1999.

Founded in New York City in 1991 by James Elkins and Richard McSherry, Elkins/McSherry is a data analytics firm that measures and tracks portfolio cost efficiency. The firm calculates global equity trading costs by measuring trade execution commissions and fees, as well as the market impact calculation of trading effectiveness. Beginning 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, who has been with Elkins/McSherry for 10 years and served as senior managing director and sales manager for the past seven years, has been appointed as interim president of Elkins/McSherry.

“We’re delighted to complete this acquisition of Elkins/McSherry,” commented 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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