Boston-based private client investment manager Lee Munder Capital, has acquired the $1.5 billion wealth-management division of Boston-based ...

Boston-based private client investment manager Lee Munder Capital, has acquired the $1.5 billion wealth-management division of Boston-based Babson Capital Management. The terms of the deal, part of an on-going group reorganisation, were not disclosed. Babson is also closing parts of its mutual fund operation and merging other parts of that same group into OppenheimerFunds, another group company of Massachusetts Mutual Life Insurance of Springfield, Massachusetts. It was reported in the local press that Babson will focus on its core competencies: of absolute return, alternative strategies, structured products and financing. Lee Munder Capital manages approximately $4 billion in assets and was founded in 2000. Babson has around $90 billion in assets under management, though much of that is MassMutual’s funds from its own insurance business.