An $8-billion mutual fund business based in San Francisco is splitting up and changes hands. Jessica Toonkel of Reuters reports
that, according to unnamed sources, Union Bank parent UnionBanCal is selling its HighMark Funds
] mutual fund business.
According to Reuters
] is buying HighMark's 19 non-money market mutual funds, which hold about $4 billion, while Natixis
subsidiary Reich & Tang
] is buying the HighMark's five-fund, $4.2-billion money market mutual fund business.
The wire service's unnamed sources expect the sale announcement any day now.
Neil Anderson, Managing Editor
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