Midwestern regional bank Comerica (CMA) - Get Report is selling its stake in asset-management firm Munder Capital Management for $302 million.

The deal is a management-led buyout of the firm, which serves as the investment advisor to the Munder group of mutual funds. Crestview Partners, a two-year-old New York private-equity firm with $1.5 billion in funding, is also investing in the deal.

Comerica, which owns a 90% equity interest in the asset manager, will continue to offer Munder funds to the bank's customers. Comerica will be Munder's largest customer and retain ownership over Munder's World Asset Management division, which has $15.9 billion in assets.

After the deal, Munder will manage about $25 billion in assets and continue to operate under the Munder name.

For Crestview Partners, this is the second significant financial-services investment that it's done this summer. In June, Crestview invested $100 million in a new investment banking subsidiary being formed by

Friedman Billings Ramsey


. Crestview will have an 8% equity stake in FBR Capital Markets, which will operate as a separate division from Friedman Billings' ailing mortgage-related businesses.

Before the Friedman Billings deal, Crestview's most notable transaction was buying up some of the Puerto Rico-based cable assets of Adelphia, the bankrupt cable company. Crestview was cofounded by former

Goldman Sachs

(GS) - Get Report

executives Thomas Murphy and Barry Volpert. Robert Hurst, a former Goldman Sachs vice chairman, is a member of the fund's management team.