United Asset Management is selling off its wholly owned subsidiary,
Colony Capital Management, to its own management, according to a UAM spokesperson. He said that the sale is complete and would only add that it was jointly concluded to be in the interest of both firms to arrange for the sale. He declined to elaborate further.
Marion Slaton, principal with Colony, was out of the office and unavailable for comment.
Colony, which is based in Atlanta, has approximately $500 million under management and focuses on large-cap growth investing. It's clientele is high-net-worth and institutional investors. UAM serves institutionall clients and has approximately $203 billion in assets through a group of various financial service firms.
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