MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, January 4, 2010 Sale Buzz Surrounds a Bank's Mutual Fund Unit SunTrust is shopping its RidgeWorth Investments unit, Reuters reported Monday, citing unnamed sources.
Formerly known as Trusco Capital Management, RidgeWorth has eight investment boutiques and runs 50 mutual funds. The RidgeWorth Funds have more than $32 million in AUM, according to the RidgeWorth Web site. RidgeWorth and its boutiques collectively manage $61.5 billion.
David Eidson has served as RidgeWorth Investments' CEO since 2004. The mutual fund business is led by Julia Short. The eight boutiques in the RidgeWorth fold are Alpha Equity Management, Ceredex Value Advisors, Certium Asset Management, IronOak Advisors, Seix Investment Advisors, Silvant Capital Management StableRiver Capital Management and Zevenbergen Capital Investments. Seix, which is in the high yield business, is particularly attractive, two unnamed investment bankers told Reuters. Meanwhile, RidgeWorth's money market business could attract companies like Federated Investors, Fidelity Investments and State Street Corp., one of the bankers told the wire service. If SunTrust's search ends in a deal, RidgeWorth would be the latest bank-owned asset manager to see a change in ownership. Last September, Bank of America agreed to sell Columbia Management's long-term asset management business to Ameriprise. The $1 billion deal is slated to close in the spring. Also last year, Barclays sold Barclays Global Investors to BlackRock in a $15.2 billion deal that closed in December. At the beginning of 2009, Evergreen Investments underwent an ownership change as part of a broader deal that saw all of Wachovia Corp. swallowed by Wells Fargo. And Regions Financial exited the retail mutual fund business through a deal with Pioneer Investments. At the end of 2008, Allegiant Asset Management found itself with a new owner when its parent, National City, was purchased by PNC Financial. Printed from: MFWire.com/story.asp?s=23776 Copyright 2010, InvestmentWires, Inc. All Rights Reserved |
