ATLANTA, June 2, 2014 /PRNewswire/ -- Employees of RidgeWorth Investments (RidgeWorth) alongside investment funds affiliated with Lightyear Capital LLC (Lightyear), a leading financial services private equity firm, have acquired RidgeWorth from SunTrust Banks, Inc. (NYSE: STI). The acquisition creates an independent investment firm poised for growth.
The transaction was recognized by the editors of Institutional Investor's Fund Industry Intelligence as the "2013 Mutual Fund Industry Deal of the Year"—the mergers and acquisitions deal of 2013 that most changed the landscape of the fund or retirement industries.
RidgeWorth is a multi-boutique asset management firm, with $50.1 billion in assets under management as of March 31, 2014, which offers a variety of investment solutions across the asset allocation spectrum. Through five style-specific boutiques supported by a strong, centralized infrastructure, RidgeWorth's unique model is designed to support organic and acquisition growth.
"This deal optimally aligns the interests of all of our stakeholders, including clients, intermediary partners, employees and investors with deep industry experience, such as Lightyear," said Ashi S. Parikh, RidgeWorth's CEO and Chief Investment Officer. "As an independent investment management firm, RidgeWorth is well positioned to achieve our vision of growth and commitment to our investors."
Parikh said that RidgeWorth's long tradition of success, with roots that go back more than 30 years, is built on its employees and its boutique system, which creates a disciplined, focused environment to meet different client needs across the investment spectrum.
"We're poised to grow both domestically and internationally, through our attractive and compelling business model," he said. "RidgeWorth manages the business of investment management so portfolio managers can focus on investment management."
Donald B. Marron, Chairman and Founder of Lightyear, echoed Parikh's belief that the transaction puts RidgeWorth in a position to expand.
"RidgeWorth has the potential to create accelerated growth by leveraging its high-quality infrastructure and distribution platforms, as well as by adding additional boutiques and investment strategies," Marron said.
RidgeWorth recently launched an advertising campaign featuring the guiding principles that inspired the buyout – collaboration and teamwork, respect and loyalty. The newly independent firm will continue to be managed by the current leadership.
About RidgeWorth Investments
RidgeWorth Investments serves as a holding company that owns interests in five investment boutiques with $50.1 billion in assets under management as of March 31, 2014. RidgeWorth's wholly owned boutiques are Ceredex Value Advisors, Certium Asset Management, Seix Investment Advisors, and Silvant Capital Management. RidgeWorth also holds a minority ownership in Zevenbergen Capital Investments. These investment boutiques manage a wide variety of investment disciplines across the fixed income and equity asset classes. Our boutiques provide investment management services to a growing client base that includes endowments, foundations, corporations, healthcare organizations, municipalities, public funds, associations, insurance companies, labor unions and high net worth individuals. In addition, RidgeWorth serves as the investment adviser to the RidgeWorth Funds mutual fund family. RidgeWorth Investments is a trade name for RidgeWorth Capital Management LLC, an investment adviser registered with the SEC headquartered in Atlanta. For more information about RidgeWorth, please visit www.ridgeworth.com.
About Lightyear Capital LLC
Lightyear Capital is a leading private equity firm making primarily control investments in North America-based, middle-market financial services companies. Based in New York, Lightyear, through its three affiliated private equity funds, has raised over $2.5 billion of capital and has completed investments across the financial services spectrum, including asset management, banks, brokerage, financial technology, insurance, and specialty finance. Lightyear brings unique strengths and discipline to its investment process, as well as operating, transaction, and strategic management experience, along with significant contacts and resources beyond capital. The senior team of professionals averages approximately 30 years of financial services-related experience and includes Chris Casciato, Michael Doppelt, Stewart Gross, Thierry Ho, Donald Marron, Michal Petrzela and Mark Vassallo. For more information, please visit www.lycap.com.
©2014 RidgeWorth Investments. RidgeWorth Investments is the trade name for RidgeWorth Capital Management LLC, an investment adviser registered with the SEC and the adviser to the RidgeWorth Funds. RidgeWorth Funds are distributed by RidgeWorth Distributors LLC, which is not affiliated with the adviser. Collective Strength Individual Insight is a federally registered service mark of RidgeWorth Investments.
SOURCE RidgeWorth Investments