Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013
Sell button

14041

SunTrust to sell RidgeWorth Capital Management

RELATED TOPICS​

SunTrust Banks is to sell the company's asset management subsidiary, RidgeWorth Capital Management, to RidgeWorth employees and an investor group led by a private equity fund managed by Lightyear Capital.

"Lightyear Capital is an experienced partner that will help RidgeWorth build on its success in growing third-party assets, and we look forward to continuing our relationship with RidgeWorth as an independent asset management business," says Mark A Chancy, wholesale banking executive at SunTrust. 
 
SunTrust will continue to offer a wide variety of asset management solutions to help its institutional and individual clients with their investment needs.  
 
The sale is expected to close during the second quarter of 2014.  It is subject to various, customary closing conditions including consents of certain RidgeWorth investment advisory clients. 
 
RidgeWorth and its five institutional asset management boutiques collectively manage approximately USD50.6bn in assets. 
 
The sale price consists of up to USD245m to be paid at closing with the potential for up to USD20m in additional proceeds based on retention of certain assets.  SunTrust estimates the after-tax gain on the transaction to be USD50m.
 
Credit Suisse and SunTrust Robinson Humphrey acted as financial advisors, and Sullivan and Cromwell provided legal advice to SunTrust on the transaction.

Latest News

EFAMA has commented on today’s vote by the European Parliament in favour of a new..
Morgan Stanley Investment Management (MSIM) has announced the launch of the MS INVF Systematic Liquid..
Confidence in the continuing strength of bitcoin and Ethereum is driving wider interest in altcoins..

Related Articles

Juan Nozal, Mapfre Asset Management
Juan Nozal, Fixed Income Portfolio Manager at MAPFRE Asset Management, talks about the outlook for fixed income assets over 2024, in what he predicts will be an outstanding year for this asset class...
Juan Nozal, Fixed Income Portfolio Manager at MAPFRE Asset Management, talks about the outlook for fixed income assets over 2024,..
n response to the increased attention to climate change risk, institutional investors, asset managers, and asset owners in the US are committed to implementing a variety of measures to address climate change and reach their net-zero goals, according to Cerulli Associates...
n response to the increased attention to climate change risk, institutional investors, asset managers, and asset owners in the US..
Lord Hollick, House of Lords
A House of Lords committee has raised “significant concerns” over the role of UK regulators, their ability to operate with genuine independence from government and how they are held to account...
A House of Lords committee has raised “significant concerns” over the role of UK regulators, their ability to operate with..
Rob Edwards, Morningstar
The complexities of assessing performance from responsible investment strategies have been laid bare after Morningstar’s ESG indices delivered a mixed bag in 2023...
The complexities of assessing performance from responsible investment strategies have been laid bare after Morningstar’s ESG indices delivered a mixed..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by