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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