Bank One is buying Chicago-based Security Capital Research & Management Inc. from GE Real Estate. The bank did not reveal the amount it paid for the real estate management specialist. However, it stated Security Capital will become a wholly owned subsidiary of Banc One Investment Advisors and that it will continue to operate as a distinct investment team.

The deal is set to close by the end of the year pending approval by regulators.

David J. Kundert, chief executive officer of Bank One's Investment Management Group, said that the deal was done to bring the bank additional products for its institutional clients.

"Security Capital Research & Management's outstanding team of investment professionals will continue to oversee the rigorous investment process that has consistently generated their solid track record," he stated.

Anthony R. Manno, Jr., president and chief executive officer of Security Capital Research & Management, explained that the sale will help the firm to create new real estate investment products and to serve its "expanding base" of institutional clients.

Security Trust manages about $3.5 billion in real estate investments and in REIT mutual funds.  

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