On December 11, 2013, SunTrust Banks (NYSE: STI) announced that it will sell its asset management subsidiary, RidgeWorth Capital Management to an investor group, led by Lightyear Capital, and RidgeWorth employees.
On December 11, 2013, SunTrust Banks, Inc. (NYSE: STI) announced that it will sell its asset management subsidiary, RidgeWorth Capital Management, Inc. The buyers, an investor group led by Lightyear Capital LLC and RidgeWorth employees, will pay up to $245 million at closing, with up to $20 million in additional consideration based on retention of certain assets. RidgeWorth has approximately $50.6 billion in assets under management, including assets managed by its five institutional asset management boutiques. The sale is subject to customary closing conditions, including consent of RidgeWorth investment advisory clients, and is expected to close in the second quarter of 2014. The terms of the transaction were not disclosed.
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