SunTrust Banks, a Georgia-based diversified financial services holding company, is reviewing strategic options to sell portions of its institutional investment management business RidgeWorth Capital Management.
The current move is consistent with its ongoing strategy of managing its business mix to maximize client satisfaction and shareholder value.
As part of that review, SunTrust Banks confirms that it is in discussions to potentially sell portions of RidgeWorth Investments subsidiary. SunTrust emphasized, however, that the process is ongoing, there is no certainty a transaction will be consummated, and the effect of any potential sale on the company’s financial results would not be significant.
RidgeWorth Capital Management and its boutiques collectively manage $63.1bn in assets. As of December 31, 2009, SunTrust had more than $205bn in assets under advisement.
Henderson Group, an investment management services company, is interested to purchase certain businesses of RidgeWorth Capital Management and talks are underway, reported The Wall Street Journal.