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US-Based SunTrust Banks Agrees To Sell Asset Management Unit
SunTrust Banks, the US firm, has agreed to sell RidgeWorth Capital Management, its asset management business, for $245 million.
SunTrust Banks, the US firm, has agreed to sell RidgeWorth Capital Management, its asset management business, for $245 million.
The report said buyers are a group of RidgeWorth employees and outside investors led by the private-equity firm Lightyear Capital.
The deal could be worth an additional $20 million beyond the $245 million sale price depending on the performance of certain RidgeWorth assets.
Atlanta-based SunTrust expects the deal to close in the second quarter of 2014, pending regulatory approval and the consent of certain RidgeWorth clients.
The bank has tried to sell the RidgeWorth business previously, but had been unsuccessful in doing so.
