has left the negotiating
table. The London-based firm on Friday said
it is no longer in talks to purchase part
of SunTrust's RidgeWorth Capital Management
Talks "have been discontinued as the parties have not reached agreement on terms," Reuters quoted a company statement as saying.
On Thursday, SunTrust officials said they continue to review strategic options for portions of the institutional management business of RidgeWorth.
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The news comes two months after Henderson confirmed that it was in discussions to acquire a portion of RidgeWorth.
In January, word erupted
hired Sandler O'Neill to explore a possible
sale of RidgeWorth.
In April, a media report pointed
to Henderson as seemingly having the edge over other bidders, including AllianceBernstein. The chatter was that Henderson was not likely to pick up RidgeWorth's stable value and money market boutique, StableRiver Capital Management.
Later that month, Henderson confirmed
that it was bidding
for a chunk of RidgeWorth.
Formerly known as Trusco Capital, RidgeWorth has
eight investment boutiques and operates 50 funds.
The RidgeWorth Funds have more than $33.8 billion in AUM as of end-March. RidgeWorth and its boutiques manage
around $65.5 billion.
SunTrust Press Release
ATLANTA, June 17 -- SunTrust Banks, Inc. (NYSE: STI) said today that it continues to review its strategic options for portions of the institutional management businesses of its subsidiary RidgeWorth Capital Management (RidgeWorth).
RidgeWorth and its boutiques collectively managed $65.1 billion in assets as of March 31, 2010. As of March 31, 2010, SunTrust had more than $211 billion in total assets under advisement, including $122.7 billion in assets under management.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of March 31, 2010, SunTrust had total assets of $171.8 billion and total deposits of $118.8 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and investment banking services. SunTrust's Internet address is suntrust.com
Armie Margaret Lee
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