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Friday, June 18, 2010

RidgeWorth's Suitor Walks Away

News summary by MFWire's editors

Henderson Global has left the negotiating table. The London-based firm on Friday said it is no longer in talks to purchase part of SunTrust's RidgeWorth Capital Management, Reuters reports.

Talks "have been discontinued as the parties have not reached agreement on terms," Reuters quoted a company statement as saying.

On Thursday, SunTrust officials said they continue to review strategic options for portions of the institutional management business of RidgeWorth.

See also coverage from MarketWatch.

The news comes two months after Henderson confirmed that it was in discussions to acquire a portion of RidgeWorth.

In January, word erupted that SunTrust hired Sandler O'Neill to explore a possible sale of RidgeWorth.

In April, a media report pointed to Henderson as seemingly having the edge over other bidders, including AllianceBernstein. The chatter was that Henderson was not likely to pick up RidgeWorth's stable value and money market boutique, StableRiver Capital Management.

Later that month, Henderson confirmed that it was bidding for a chunk of RidgeWorth.

Formerly known as Trusco Capital, RidgeWorth has eight investment boutiques and operates 50 funds.

The RidgeWorth Funds have more than $33.8 billion in AUM as of end-March. RidgeWorth and its boutiques manage around $65.5 billion.
SunTrust Press Release

ATLANTA, June 17 -- SunTrust Banks, Inc. (NYSE: STI) said today that it continues to review its strategic options for portions of the institutional management businesses of its subsidiary RidgeWorth Capital Management (RidgeWorth).

RidgeWorth and its boutiques collectively managed $65.1 billion in assets as of March 31, 2010. As of March 31, 2010, SunTrust had more than $211 billion in total assets under advisement, including $122.7 billion in assets under management.

SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of March 31, 2010, SunTrust had total assets of $171.8 billion and total deposits of $118.8 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and investment banking services. SunTrust's Internet address is suntrust.com

Edited by: Armie Margaret Lee

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