Connecticut-based People's Bank is boosting its wealth management capabilities with an acquisition in New York City.

People's United Bank's subsidiary, People's Securities, is to acquire Gerstein Fisher, a $3 billion, New York City-based investment management firm.

The transaction is expected to bring People's United Wealth Management's total assets under administration to nearly $20 billion, of which approximately $8 billion is under discretionary management.

Gerstein Fisher's founder and chief investment officer, Gregg Fisher, will join People's United as head of quantitative research and portfolio strategy.  

The transaction is expected to close during the fourth quarter of 2016.