The Bank of New York has acquired high-net-worth asset management firm Gannett Welsh & Kotler of Boston for an undisclosed sum, the company announced today.

Gannett Welsh & Kotler specializes in fixed income investing with an emphasis on preservation and tax advantaged returns. It manages approximately $5 billion in fixed income and equity managed accounts and two mutual funds: the GW&K Equity and GW&K Large Cap Growth funds. The firm was founded in 1974.

The acquisition gives BNY Asset Management a "distinctive fixed income management style," said Newton Merrill, senior executive VP of the Bank of New York. Additionally, the acquisition will raise BNY Asset Management’s assets under management to approximately $72 billion, he said.

As of December 31, 2001, the Bank of New York held nearly $81 billion in total assets worldwide.

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