After closing of the transaction, Touchstone expects that its assets under management will rise to $13bn (pending Touchstone’s acquisition of selected assets of Old Mutual Asset Management’s US mutual fund business) and create new sub-advisory relationships with FTAM.
Touchstone president Steven Graziano said the deal in addition to increasing the company’s assets under management, it gives some new and interesting fund offerings, and access to a premier distribution system.
FTAM chief investment officer Keith Wirtz said that the transaction allows the company to focus on its core strengths – providing institutionally managed active asset management strategies.
The deal is expected to close during the third quarter of this year, after obtaining approval from concerned regulatory offices.
Following the completion of the transaction, 16 FTAM funds will be reorganized into Touchstone Funds with FTAM’s affiliated investment managers continuing as sub-advisors for certain funds.
