Federated to buy SunTrust's $17B money market unit

Jul 16, 2010 @ 9:44 am

By Associated Press

SunTrust Banks says it's reached a deal with Federated Investors for a partial sale of its RidgeWorth Investments subsidiary.

Under terms of the deal, Federated Investors Inc. will acquire $17 billion in RidgeWorth's money market mutual fund assets. SunTrust Banks Inc. will retain the subsidiary's long-term asset management business.

RidgeWorth and its boutiques collectively manage $65.1 billion in assets.

Terms weren't disclosed, but SunTrust, based in Atlanta, says it expects the transaction to be completed by the end of the year.

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