State Street buys the rest of Elkins/McSherry.
State Street Corporation completed the acquisition of the remaining minority interest in Elkins/McSherry LLC, a data-analytics firm that measures portfolio cost efficiency. Terms of the deal, making it a wholly owned subsidiary of State Street, were not disclosed. Elkins/McSherry, founded in 1991, calculates global-equity trading costs by measuring trade-execution commissions and fees as well as the market-impact calculation of trading effectiveness. The firm has operated as a majority-owned subsidiary of State Street since 1999.
Starting next month, Elkins/McSherry will operate out of State Street's new offices at Two World Financial Center in lower Manhattan.
Co-founder Richard McSherry will continue to work with State Street as an independent consultant while James Elkins will retire from the firm to manage his personal investments. James Bryon was named interim president of Elkins/McSherry, where he holds the title of senior managing director and sales manager for the past seven years.