US Asset Manager Sells Subsidiaries, Concentrates on Core Activities

Stephen Harris

20 November 2006

North American asset management services provider Loring Ward is to sell its two remaining business management practices to their managements so as to concentrate on its core activities. The businesses, Century City and Encino, both California-based, will net Loring Ward around $21 million in cash. "This confirms our commitment to the company's core business segment in asset management and advisor services through which we offer Loring Ward Advisor Services and its turnkey asset management programme," said Robert Herrmann, chief executive officer of Loring Ward International.