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Rating:Nationwide and Reich & Tang Buy the Pieces of an $8 Billion Shop Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, April 03, 2013

Nationwide and Reich & Tang Buy the Pieces of an $8 Billion Shop

News summary by MFWire's editors

An $8-billion mutual fund business based in San Francisco is splitting up and changes hands. Jessica Toonkel of Reuters reports that, according to unnamed sources, Union Bank parent UnionBanCal is selling its HighMark Funds [profile] mutual fund business.

According to Reuters, Nationwide [profile] is buying HighMark's 19 non-money market mutual funds, which hold about $4 billion, while Natixis subsidiary Reich & Tang [profile] is buying the HighMark's five-fund, $4.2-billion money market mutual fund business.

The wire service's unnamed sources expect the sale announcement any day now. 

Edited by: Neil Anderson, Managing Editor

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