This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Touchstone Assets To Grow To $13 Billion With Acquisition Of Certain Fund Assets Of Fifth Third Asset Management, Inc.

Fifth Third Bancorp and Touchstone Advisors, Inc. (Touchstone), a wholly owned subsidiary of Western & Southern Financial Group, announced today that Fifth Third Asset Management, Inc. (FTAM) and Touchstone have entered into an agreement under which Touchstone will be acquiring the assets of 16 mutual funds from FTAM. The acquisition is expected to increase Touchstone’s assets under management to $13 billion (pending Touchstone’s acquisition of selected assets of Old Mutual Asset Management's U.S. mutual fund business) and create new sub-advisory relationships with FTAM. The transaction is not expected to have a material impact on Fifth Third Bancorp’s results.

“I am very excited about this transaction. In addition to increasing our assets under management, it gives us some new and interesting fund offerings, and access to a premier distribution system,” said Steven M. Graziano, president of Touchstone.

“We have a long and close association with Fifth Third. The addition of these funds will benefit both companies and the clients we serve,” said John F. Barrett, chairman, president and CEO of Western & Southern.

“Our transaction with Touchstone allows FTAM to focus on our core strengths – providing institutionally managed active asset management strategies,” said Keith Wirtz, chief investment officer of FTAM.

Kevin T. Kabat, president and CEO of Fifth Third Bancorp added, “Our relationship with Touchstone provides us an exciting opportunity to grow our business going forward and allows us to focus on the areas where we have a strategic advantage. We look forward to working with Touchstone and leveraging our distribution platform to provide value to shareholders.”

Closing of the transaction is subject to certain conditions and approvals and is expected to be completed in the third quarter of 2012. Upon the completion of the transaction, 16 FTAM funds will be reorganized into Touchstone Funds with FTAM’s affiliated investment managers continuing as sub-advisors for certain funds.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,905.88 -22.32 -0.12%
S&P 500 2,081.19 -8.27 -0.40%
NASDAQ 4,915.9420 -23.3850 -0.47%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs