Investment management services provider Henderson Group Plc (HGG.L) said Friday that it has discontinued its talks regarding a potential acquisition of certain businesses of RidgeWorth Capital Management, Inc., the US asset manager owned by SunTrust Banks, Inc. (STI). The company noted that the the parties have not reached agreement on terms.It was on April 12 that Henderson confirmed its discussions with US banking company SunTrust for the potential acquisition. US trade journal Pensions & Investments previously had reported that Henderson is the leading bidder for the bulk of SunTrust Bank’s money management arm RidgeWorth.
Meanwhile, Atlanta-based SunTrust Banks, in a statement on Thursday, said that it continues to review its strategic options for portions of the institutional management businesses of RidgeWorth.
RidgeWorth is a holding company with eight underlying money management boutiques, which oversee combined client assets of about $65 billion.
SunTrust Banks noted that RidgeWorth and its boutiques collectively managed $65.1 billion in assets as of March 31, 2010. SunTrust had more than $211 billion in total assets under advisement as of the same date, including $122.7 billion in assets under management.
On the London Stock Exchange, HGG.L is currently trading at 132.00 pence, down 0.20 pence or 0.15%, on a volume of 1 million shares.STI closed Thursday’s regular trading session at $26.24, down $0.12 or 0.46%, on a volume of 4.5 million shares.
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http://www.reuters.com/finance/stocks/overview?symbol=HGGH.L
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