SunTrust Reportedly Trying to Sell Asset Management Biz

SunTrust Banks Inc. is trying to sell RidgeWorth Investments, its multi-boutique asset management business, people familiar with the matter said on Monday, according to Reuters.
The sources report that SunTrust is being advised by investment bank Sandler O’Neill on a potential sale of RidgeWorth, which owns interests in eight investment boutiques.

SunTrust and Sandler O’Neill declined to comment, Reuters said.