SunTrust Nets $265M In RidgeWorth Unit Sale To Lightyear

Law360, New York (December 11, 2013, 10:08 PM EST) -- New York-based private equity firm Lightyear Capital LLC and RidgeWorth Investments employees will team to put up $265 million to buy the multiboutique asset manager RidgeWorth from SunTrust Banks Inc., the companies announced Wednesday.

Atlanta-based RidgeWorth, which has $50.6 billion under management, will become an independent asset management company with "significant" employee equity ownership, the companies said. RidgeWorth's six boutiques invest in trading, compliance, technology, accounting, distribution and marketing. The deal is expected to close in the second quarter of 2014.

"This transaction marks an inflection point...
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