Suffolk Capital Management manages $2.8 billion in assets and was among the affiliated companies of United Asset Management acquired by Old Mutual Holdings Inc. in September 2000. Ohio National manages $10.3 billion in assets. The addition of Suffolk is expected to grow Ohio National’s assets under management to more than $13 billion.
Suffolk has grown since it was founded in 1991. Its large cap fund, representing almost 80% of its assets under management, has outperformed the S&P 500 for the last 10 years, according to the company.
Ohio National’s offerings include variable life insurance, variable annuities and pension products, as well as traditional life insurance, disability income insurance, and other protection and retirement planning products.
The deal is to be completed by early next year.