SunTrust in talks to sell investment units

suntrust1Last week we reported on a Washington Business Journal article that suggested SunTrust could be an acquisition target for an international bank.

Apparently it is partly true.

According to the Triangle Business Journal, the Atlanta-based regional bank is in negotiations to sell parts of its “institutional investment management business” to U.K.-based Henderson Group PLC.

That might include Richmond-based IronOak Advisors, which in December had $980.1 million in assets under management for endowments, foundations and not-for-profit organizations. It has offices downtown at SunTrust Plaza and according to its website employs about 10 people.

IronOak is a subsidiary of RidgeWorth, which is a subsidiary of SunTrust. A receptionist forwarded a call from RBS to a SunTrust spokesperson in Atlanta.

From the article:

On Monday, Henderson Group PLC confirmed talks with SunTrust (NYSE: STI) about acquiring a portion of RidgeWorth Investments. Atlanta-based SunTrust confirmed it is holding discussions about a sale, but said in a statement “the process is ongoing, there is no certainty a transaction will be consummated and the effect of any potential sale on the company’s financial results would not be significant.”

RidgeWorth is a holding company of eight boutique money management firms with a combined $63.1 billion in assets under management. In total, SunTrust has $205 billion in assets under management.

Read more: SunTrust shopping part of investment unit – Triangle Business Journal:

The article continues:

SunTrust spokesman Mike McCoy said a deal, if consummated, is part of the $174 billion-in-assets banking company’s “business mix management strategy.”

According to a report in the London Evening Standard, Henderson is eying a roll up of about $36 billion in RidgeWorth’s assets, and that the deal could net $400 million.

suntrust1Last week we reported on a Washington Business Journal article that suggested SunTrust could be an acquisition target for an international bank.

Apparently it is partly true.

According to the Triangle Business Journal, the Atlanta-based regional bank is in negotiations to sell parts of its “institutional investment management business” to U.K.-based Henderson Group PLC.

That might include Richmond-based IronOak Advisors, which in December had $980.1 million in assets under management for endowments, foundations and not-for-profit organizations. It has offices downtown at SunTrust Plaza and according to its website employs about 10 people.

IronOak is a subsidiary of RidgeWorth, which is a subsidiary of SunTrust. A receptionist forwarded a call from RBS to a SunTrust spokesperson in Atlanta.

From the article:

On Monday, Henderson Group PLC confirmed talks with SunTrust (NYSE: STI) about acquiring a portion of RidgeWorth Investments. Atlanta-based SunTrust confirmed it is holding discussions about a sale, but said in a statement “the process is ongoing, there is no certainty a transaction will be consummated and the effect of any potential sale on the company’s financial results would not be significant.”

RidgeWorth is a holding company of eight boutique money management firms with a combined $63.1 billion in assets under management. In total, SunTrust has $205 billion in assets under management.

Read more: SunTrust shopping part of investment unit – Triangle Business Journal:

The article continues:

SunTrust spokesman Mike McCoy said a deal, if consummated, is part of the $174 billion-in-assets banking company’s “business mix management strategy.”

According to a report in the London Evening Standard, Henderson is eying a roll up of about $36 billion in RidgeWorth’s assets, and that the deal could net $400 million.

This story is for our paid subscribers only. Please become one of the thousands of BizSense Pro readers today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

Subscribe
Notify of
guest

0 Comments
oldest
newest most voted
Inline Feedbacks
View all comments