US - The Bank of New York has acquired Pershing - which provides clearing services to fund managers and brokers - from Credit Suisse First Boston for Us$2bn (£1.25bn).
The custody giant will finance the deal by issuing US$900m of bonds and US$1.1bn of equities.
The deal is subject to regulatory approval but the Bank of New York expects it to be completed before the end of June.
The Next Generation Pensions Committee is on a mission to promote and encourage younger voices in the industry. Kim Kaveh looks at its key objectives
This week's top stories included an analysis finding the cost of equalising guaranteed minimum pensions in schemes could hit FTSE 100 profits by up to £15bn.
Employers whose dividend to deficit recovery contribution (DRCs) ratios fall outside the "normal range" should expect to see higher regulatory scrutiny, although no fixed ratio will be set.
Investment consultants and fiduciary managers should expect a final decision on the investigation into the market to be published by the end of the year, the competition watchdog says.