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 Managements 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.