SunTrust will retain RidgeWorth’s long-term asset management business.
Under the agreement, approximately $17 billion in money market mutual fund assets currently managed in nine RidgeWorth money market mutual funds will transition to six existing Federated money market mutual funds with similar investment objectives. The transactions are subject to receipt of the customary approvals and the companies expect the migration to the Federated Funds will be completed by year end, the announcement said.
SunTrust will continue to offer a variety of liquidity options and money market solutions for its institutional and individual clients.
“Federated shares SunTrust’s focus on providing outstanding client service, and we are dedicated to ensuring a smooth transition for our managed liquidity clients. Furthermore, we believe RidgeWorth’s long-term asset management business offers attractive growth opportunities for us, and we look forward to driving its continued success,” said William H. Rogers, Jr., president of SunTrust Banks, Inc., in the announcement.RidgeWorth and its boutiques collectively managed $65.1 billion in assets as of March 31, 2010. SunTrust had more than $211 billion in assets under advisement, including $122.7 billion in assets under management as of March 31, 2010.