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People's Securities to acquire investment management company Gerstein Fisher

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People's Securities to acquire investment management company Gerstein Fisher

, a unitof Bridgeport, Conn.-based People's United Bank NA, agreed to acquire

Thedeal will bring the total assets under administration of People's United WealthManagement to nearly $20 billion, of which about $8 billion is underdiscretionary management, according to a news release.

The transactionis expected to close during the fourth quarter, subject to certain approvalsand consents, including the consent of Gerstein Fisher clients. People's Unitedexpects the acquisition to add to earnings in 2017. The deal includes contingentconsideration, a portion of which is linked to achievement of revenue growthtargets.

GreggFisher, Gerstein Fisher's founder and chief investment officer, will joinPeople's United as head of quantitative research and portfolio strategy.

BerkshireCapital Securities LLC served as financial adviser to People's United. SilverLane Advisors LLC served as financial adviser to Gerstein Fisher.

People'sUnited Bank is a subsidiary of People's United Financial Inc.