State Street to Sell Private Asset Management Biz to Schwab: U.S. Trust Corp., a subsidiary of Charles Schwab, signed an agreement to acquire the private asset management business of State Street Corp. for about $365 million in cash.

The deal, which is expected to close in the fourth quarter, represents U.S. Trust’s largest acquisition to date. The Boston-based asset management group, which had $11.5 billion in assets under management at the end of March, contributed roughly $80 million to State Street’s revenue in 2002.

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