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SunTrust Banks Agrees To Sell Asset Management Unit
Tom Burroughes
12 December 2013
SunTrust Banks, the US firm, has agreed to sell
RidgeWorth Capital Management, its asset management business, for $245 million. 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, GA-based SunTrust expects the deal to close in the
second quarter of 2014, pending regulatory approval and the consent of certain
RidgeWorth clients. SunTrust has also tried to sell the RidgeWorth business previously, it has been reported, but had been
unsuccessful in doing so.