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 |
|
Friday, July 16, 2010 RidgeWorth Win Puts Federated in the Money Federated Investors reached a deal today to buy SunTrust Banks' money market management business, which has total assets of $17 billion. The price tag includes upfront cash payments that could total up to $8.75 million due at the transaction closing dates, according to Federated's 8-K filing. The deal is expected to be complete by yearend.
Federated did not use an investment banker, according to company spokesman Ed Costello. The assets changing hands are currently managed by SunTrust’s RidgeWorth Capital Management Inc. and its subsidiary StableRiver Capital Management LLC. Federated will not be bringing over personnel from the acquired funds, Costello said. Nine RidgeWorth money market mutual funds will be transitioned into six existing Federated money funds. In addition, certain assets maintained by SunTrust in collective and common funds will be transitioned to Federated money market mutual funds. "The transition builds on Federated’s long-term relationship with SunTrust by providing current SunTrust clients access to Federated’s impressive breadth of products, experienced money managers, proven credit process and extensive customer-service capabilities," stated Federated CEO J. Christopher Donahue. Federated managed some $350 billion in assets in 137 funds and a variety of separately managed accounts as of March 31. Printed from: MFWire.com/story.asp?s=32829 Copyright 2010, InvestmentWires, Inc. All Rights Reserved |
