Investment manager BlackRock announced on Monday it had completed its $375 million acquisition of State Street Research from MetLife. Boston-based SSRM is the parent company of State Street Research & Management Co. and SSR Realty Advisors.
The 350-plus employees and various businesses of SSRM will be merged with those of BlackRock to operate under the names BlackRock and BlackRock Realty Advisors. BlackRock also announced the completion of the merger of the firms' open-end mutual fund families, SSR Funds and BlackRock Funds, creating the 19th largest wholesale mutual fund family in the country.
"Since we announced the acquisition in August 2004, we have become more enthusiastic about the potential of the combined firm," said BlackRock Chairman and CEO Laurence D. Fink. "Our new colleagues will enhance our U.S. equity and alternative investment platforms, expand our mutual fund distribution efforts, and augment our fixed income and cash management capabilities."