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

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

Rating:Fund Family Sold North Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, May 01, 2002

M&A
Fund Family Sold North

by: Tony Pennino

Jones & Babson -- the mutual fund firm based in Kansas City, Missouri -- finds itself orphaned, but not for long. J&B is being sold by its current parent Assicurazioni Generali based in Trieste, Italy. Royal Bank of Canada (RBC) is purchasing the firm, a spokesperson with the bank told the MutualFundWire.com.

This purchase is a part of RBC's overall purchase of other aspects of Generali's U.S. operations. The bank is also acquiring Business Men's Assurance Company of America, which will include approximately 150,000 traditional life insurance policies and annuities. RBC Dain Rauscher will be the unit absorbing the J&B portion of the transaction.

The J&B portion of sale is still awaiting approval from shareholders, the boards of both firms, and Canadian regulatory authorities.

"We are very interested in Jones and Babson's wealth management capabilities. We are looking to create a North American wealth management platform, and this purchase expands those cross-selling opportunities," the official explained.

In terms of branding, the new acquisitions will be rolled into RBC's existing brands, which for J&B means RBC Dain Rauscher. The spokesperson could not comment on whether or not J&B would continue to operate out of its current location and on the future status of its existing staff. RBC Dain Rauscher operates out of Minneapolis. 

See the list of all the 2002 Most Influential People



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

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2020: Q2Q1
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




©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use