Former Editor, WSJ City

State Street, the US bank, has bought the outstanding minority of Elkins McSherry, the firm which measures and tracks portfolio costs.

The firm, which will move to State Street's new offices in lower Manhattan, calculates global equity trading costs by measuring trade execution commissions and fees and will become a crucial element in State Street's services for fund managers.

Phillipa Leighton-Jones

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State Street swallows Elkins McSherry

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