SKIP TO SITE NAVIGATION | SWITCH TO GRAPHICAL VERSION
Wachovia Announces Agreement to Acquire Metropolitan West Securities, LLC CHARLOTTE, N.C. - Wachovia Corporation announced today that it has agreed to acquire Metropolitan West Securities LLC (MetWest), a firm specializing in third-party agent securities lending and short-term fixed-income asset management. "Bringing MetWest into the Wachovia fold demonstrates our commitment to provide a full line of value-added services to our customer base. Wachovia is focused on building its asset-management businesses, and this acquisition will provide us added expertise and will greatly expand our product breadth," said Darryl J. Fluhme, president of Wachovia's Corporate and Institutional Trust, a division of Wachovia Bank, National Association. "Securities lending is now considered a required portfolio-management tool by institutional investors," said Gary F. Rupert, MetWest's CEO. "We believe MetWest's traditional emphasis on strong risk management and superior program performance fits perfectly with Wachovia's culture and makes for an excellent strategic fit. We are excited about the prospects of joining Wachovia." MetWest is one of the nation's largest third-party securities-lending agents with an international client base consisting of major institutional funds as well as public-fund and corporate portfolios. As of Sept. 30, 2003, MetWest had more than $50 billion of securities on loan with some of the world's largest institutional investors. "MetWest has been providing agent securities-lending services to Wachovia for a number of years. As such, we have first-hand experience with their client focus, which mirrors that of Wachovia as is evidenced by their lasting relationships with an impressive blue chip client base. We are pleased to have such a capable and well-respected firm join our ranks," added Fluhme. Upon completion of the acquisition, MetWest's management team and employees will continue operating the company under its current name from its offices in California and New Jersey. The transaction is expected to close in January 2004. No other financial terms were disclosed. Metropolitan West Securities LLC is an affiliate company of Metropolitan West Financial, Inc., a diversified financial management holding company with ownership interests in various financial companies and investment advisors. These affiliate companies are managed as separate entities by key employees with significant ownership. MetWest Financial and its affiliates manage approximately $65 billion on behalf of institutional clients and high-net-worth individuals. Wachovia Corporate and Institutional Trust offers retirement services, custodial services and investment management, conventional and structured finance trust solutions, equity services, and information management and claims processing to institutional clients worldwide. Based in Charlotte, N.C., Wachovia Corporate and Institutional Trust has 37 locations in 17 states plus the District of Columbia. Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $389 billion and stockholders' equity of $33 billion at Sept. 30, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, Wachovia Securities, LLC, serves clients in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services also are available through Wachovia.com. |
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