is reportedly looking into the possibility of selling its money management subsidiary, Munder Capital Management
This comes after Enrique Chang
, former president and chief investment officer at Munder, initiated an attempt to spin off the firm from Comerica this year, InvestmentNews
reported. He called for either a management buyout or sale of Munder to another firm.
Chang proposed the buyout in a bid to boost compensation among the firm's employees on the heels of a recent improvement in Munder's business, the report said.
Birmingham, Michigan-based Munder is 95 percent owned by Detroit-based Comerica, with the rest owned by employees.
The proposals put forward by Chang failed to gain ground, but after he left the firm, these caught the attention of Comerica's management, InvestmentNews
quoted an industry official as saying. Chang started working for American Century Investments
as chief investment officer of international equities last month.
Comerica has retained Morgan Stanley to explore the possible sale of all or part of Munder, the report said.
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