Investors Financial Services Corp. of Boston sold 900,000 shares of its common stock at $29 a share - a deal worth $26.2 million - to a private investor on March 26. The firm provides mutual fund and asset administration services.
The investor is Robert Day, chairman and chief executive officer of U.S. Trust Co. of the Northwest, an investment management firm in Los Angeles. Day bought the stock for his own private portfolio, according to an Investors Financial spokesperson. Day's acquisition makes him a six percent owner of the firm, which has 15 million shares outstanding.