By Justin Baer 

State Street Corp. and UBS Group AG are in talks to merge their asset-management businesses, according to people familiar with the matter.

The firms have held discussions since early 2020, and by this summer appeared close to an agreement, the people said. It is unclear why a deal didn't materialize at that time, but the two sides remained in touch.

State Street had hired Goldman Sachs Group Inc. to review the options for its investing business, called State Street Global Advisors, the people said.

State Street's decision to weigh options for its asset-management business, including a possible merger with UBS or another firm, was reported earlier by Bloomberg News.

(More to come)

Write to Justin Baer at justin.baer@wsj.com

 

(END) Dow Jones Newswires

December 11, 2020 20:27 ET (01:27 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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