Fifth Third Bancorp (NASDAQ:FITB) is selling the assets of 16 mutual funds, worth an estimated $3 billion, to Touchstone Advisors Inc., as well as $5 billion of money market assets to Federated Investors Inc. (NYSE:FII).
The Touchstone Advisors deal is expected to increase the company’s assets from $10 billion to $13 billion once the negotiation, and that with Old Mutual Asset Management, is complete.
“We have a long and close association with Fifth Third. The addition of these funds will benefit both companies and the clients we serve,” Western & Southern CEO John Barrett said in a news release.
Fifth Third sold the funds to get away from offering its own proprietary funds and offering investors a board choice of mutual funds.
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