Boston (June 26, 2003) -- State Street Corp. has signed an agreement to sell its private asset management business to Charles Schwab Corp.'s U.S. Trust Corp. subsidiary for $365 million in cash.

The deal, which is expected to close in the fourth quarter, represents U.S. Trust's largest acquisition to date and gives it a foothold in the New England market. The transaction is subject to approval by federal and state banking regulators.

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