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.