BRIDGEPORT, Conn., Nov. 2, 2016 /PRNewswire/ -- People's United Bank, N.A. today announced completion of the acquisition of Gerstein Fisher, a $3 billion, New York City-based investment management firm, by its subsidiary, People's Securities, Inc. The combined company brings People's United Wealth Management's total assets under administration to over $20 billion, of which approximately $8 billion is under discretionary management. Founded in 1993 and featured in Barron's "Top 100 Financial Advisors" list for six consecutive years, Gerstein Fisher manages assets using a quantitative Multi-Factor® approach, which structures portfolios to overweight the factors that leading-edge academic research has identified as having the potential to deliver enhanced returns. "We are excited to officially integrate the know-how of Gerstein Fisher's talented team with that of our own Wealth Management group," said Jack Barnes, President and Chief Executive Officer. " Gerstein Fisher's client focus, respected quantitative investment approach and scalable technology-enabled platform will greatly benefit our broader, shared market." "Together we are able to provide an even greater suite of investment solutions to individuals, families, institutions, and third-party platforms," said Galan Daukas, Senior Executive Vice President, People's United Wealth Management. "In addition, we are extremely pleased to have the guidance of Gerstein Fisher's Founder and CIO, Gregg S. Fisher, who begins his new role as Head of Quantitative Research and Portfolio Strategy." "We are thrilled that Gerstein Fisher's industry-leading Multi-Factor® strategies will become the Bank's quantitative investment offering," said Gregg S. Fisher. "Together, we look forward to giving more individuals across the wealth spectrum access to this scientific, research-driven investment approach." People's United Financial, Inc. (NASDAQ: PBCT) expects the transaction to be modestly accretive to earnings in 2017 with an IRR of over 15%. The transaction contains a portion of contingent consideration based on the achievement of revenue growth targets.