Financial services company State Street Corp. announced Wednesday it will sell its asset management business to Charles Schwab’s U.S Trust unit for $365 million.

The deal has been a rumor amongst analysts in the sector for some time, and represents a streamlining of sorts from State Street, Reuters reports. The company plans to focus on its core business of serving institutional clients, and move away from retail business. The move comes as many firms in the financial services sector are striving to get back to basics and not trying to be everything to everyone, but rather focusing on what they do well in an increasingly competitive market.

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