ATLANTA, April 1, 2014 /PRNewswire/ -- A transformative, proposed buyout partnership announced by RidgeWorth Investments (RidgeWorth) in the fourth quarter of 2013 has been named as the 2013 Mutual Fund Industry Deal of the Year by the editors of Institutional Investor's Fund Industry Intelligence and Fund Director Intelligence. The award was conferred at the 21st Annual Mutual Fund Industry Awards dinner at the Mandarin Oriental in New York on March 27, 2014.

The proposed RidgeWorth transaction, in which employees of RidgeWorth will partner with affiliated funds of Lightyear Capital LLC to acquire RidgeWorth, was one of three deals nominated for the award for the mergers and acquisitions deal of 2013 that most changed the landscape of the fund or retirement industries.

"The partnership between RidgeWorth employees and affiliated funds of Lightyear Capital will create an innovative and independent investment firm, and we're excited that this partnership received such a prestigious recognition," said Ashi S. Parikh, RidgeWorth Chief Executive Officer and Chief Investment Officer. "Through the outstanding dedication of our employees and the experienced team at Lightyear, we're positioning the company to take its place in the industry as a premier asset management firm."

The deal to acquire RidgeWorth Investments from SunTrust Banks is expected to close in the second quarter of 2014. RidgeWorth, which has $50.3 billion in assets under management as of December 31, 2013, has roots that go back more than 30 years. Today, the company is a multi-boutique asset management firm that serves a wide variety of institutional investors and other financial intermediaries.

"We are pleased to have worked with management over the past 18 months to create and structure this opportunity," said Donald B. Marron, Chairman and Founder, Lightyear Capital. "This transaction leverages our deep experience in asset management and positions RidgeWorth to expand the products and services it offers to its clients."

RidgeWorth's five wholly-owned and one minority-owned investment boutiques offer distinctive investment management styles over a wide variety of equity, fixed income and asset allocation investment classes. The firm also provides a family of fixed income, equity and asset allocation funds designed to meet the investment goals and needs of institutional and individual investors.

About RidgeWorth Investments
RidgeWorth Investments serves as a holding company that owns interests in six investment boutiques with $50.3 billion in assets under management as of December 31, 2013. RidgeWorth's investment boutiques manage a wide variety of investment disciplines across the fixed income, equity, and liquidity management 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, Inc., an investment adviser registered with the SEC headquartered in Atlanta. For more information about RidgeWorth, 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, Inc., 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