Employees of RidgeWorth Investments, in partnership with Lightyear Capital LLC, have entered into an agreement to acquire the firm from SunTrust Banks Inc. for up to $265 million, creating an independent investment firm, RidgeWorth announced today.
RidgeWorth is a multi-boutique asset management firm with $50.6 billion in equity and fixed-income assets under management as of November 30, according to the firm.
The transaction is expected to close in the second quarter of 2014 and the current leadership of RidgeWorth and its affiliated boutiques will continue to manage the business and investment strategies.
Headquartered in Atlanta with primary offices in Upper Saddle River, N.J. and Orlando, Fla., RidgeWorth’s client base includes endowments, corporations, healthcare organizations, municipalities, insurance companies, labor unions and high-net-worth individuals.
RidgeWorth's investment affiliates include five wholly owned boutiques and one minority-owned boutique. RidgeWorth's wholly owned boutiques are Ceredex Value Advisors, Certium Asset Management, Seix Investment Advisors, Silvant Capital Management, and StableRiver Capital Management. RidgeWorth also holds a minority ownership in Zevenbergen Capital Investments.