SunTrust Banks, American banking company, has concluded the sale of its investment management firm RidgeWorth Investments to the employees of Ridgeworth and private equity firm Lightyear Capital.
The closure comes six months after sale process initiated with a definitive agreement in December 2013.
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RidgeWorth is a multi-boutique asset management firm, with US$50.1 billion in assets under management as of March 31, 2014, which offers a variety of investment solutions across the asset allocation spectrum.
RidgeWorth CEO and CIO Ashi Parikh said the deal optimally aligns the interests of the company’s stakeholders, including clients, intermediary partners, employees and investors with deep industry experience, such as Lightyear.
"As an independent investment management firm, RidgeWorth is well positioned to achieve our vision of growth and commitment to our investors," added Parikh.
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