Deals like this allow both sides to focus on their core strengths, while having a more diversified presence through each other`s products and offerings. I fully expect more activity in deals like this as we roll through the business cycle.
They`re in the middle of a very solid time period right now. It`s all good.
The swap in principle is well-founded, but as it currently stands, some of the other processors represent higher-growth opportunities.
In terms of diversity and geography, it`s very similar to the new Legg Mason.
It would help to diversify both of their distribution channels as well as the product offering for both companies.