Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Sale Buzz Surrounds a Bank's Mutual Fund Unit Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, January 04, 2010

Sale Buzz Surrounds a Bank's Mutual Fund Unit

News summary by MFWire's editors

SunTrust is shopping its RidgeWorth Investments unit, Reuters reported Monday, citing unnamed sources.

David Eidson
RidgeWorth Investments
Chairman and CEO
Atlanta-based SunTrust hired Sandler O'Neill to explore a possible sale of RidgeWorth, according to the report. Both SunTrust and Sandler O'Neill declined to comment to Reuters.

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.

Julia Short
RidgeWorth Funds
President and CEO
Trusco was incorporated in Atlanta in 1984. In March 2008, Trusco changed its name to RidgeWorth and the STI Classic Funds were subsequently rebranded RidgeWorth Funds.

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. 

Edited by: Armie Margaret Lee


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

3.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. Director Discussion Series - Open Forum via Zoom, September 29
  2. IMEA roundtable - Portfolio Construction, September 29
  3. MMI webinar - The Future of Marketing is Changing ... Are You Ready?, September 29
  4. IDC Speaker Series - A Conversation with Roger Ferguson, October 3
  5. IDC webinar - A Conversation with Roger Ferguson, Jr., October 3
  6. 5th annual Expect Miracles Atlantic Coast Classic, October 3
  7. Nicsa Fearless Leadership Symposium, Oct 6-7
  8. 7th Annual FUSE Forum, October 6
  9. 2022 ICI Securities Law Developments Conference - day 1, October 11
  10. MFDF Director Discussion Series - Open Forum (San Francisco), October 12
  11. 2022 ICI Securities Law Developments Conference - day 2, October 13
  12. MFDF In Focus: ESG Data Requirements - What Directors Need to Know, October 19
  13. 2022 MMI Annual Conference, Oct 19-21
  14. 2022 IDC Fund Directors Conference, Oct 24-26
  15. 18th annual Expect Miracles Wine & Spirits Event, October 27
  16. Buford Capital Securities Litigation Symposium, November 1
  17. IMEA All-Council Fall Summit, Nov 2-3
  18. Nicsa 2022 General Membership Meeting, Nov 2-3
  19. Tiburon CEO Summit XLIII, Nov 7-9
  20. 2022 ICI Tech Summit, Nov 8-9
  21. UCITS & AIFMD for U.S. Managers - New York, Nov 8-9
  22. 2022 MMI Distribution Leadership Forum, Nov 9-10
  23. MFDF Asset Management Industry Update and Director Governance Trends, November 10
  24. 3rd Annual ETFGI Global ETFs Insights Summit - United States, Nov 15-16
  25. 2022 MMI Alternative Investments Forum, November 16
  26. MFDF webinar - Mutual Fund CCO Compensation: The MPI Annual Survey Update, November 16




©All rights reserved to InvestmentWires, Inc. 1997-2022
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use