Wachovia has agreed to buy Metropolitan West Securities LLC, a specialist in third-party agent securities lending and short-term bond asset management, according to a Reuters report.
Terms were not disclosed.
Wachovia, which is based in Charlotte, North Carolina, said the acquisition will help it build its customer base and expand its product breadth. Metropolitan West, whose client base includes large institutional investors, had more than $50 billion of securities on loan as of 30 September, Wachovia said.
The transaction is expected to close in January 2004. Wachovia said it will retain Metropolitan West’s management team and employees, and the company will continue to operate under its current name in its California and New Jersey offices.
Metropolitan West is an affiliate of Metropolitan West Financial Inc., a financial management holding company.