DETROIT -- Comerica Inc. on Wednesday announced plans to merge two of its investment advisory units with Munder Capital Management, Birmingham, Mich.
The resulting company is expected to rank among the 75 largest money managers in the country.
The agreement calls for Munder Capital to hold a majority of the combined company, which would be run by chief executive Lee Munder.
Comerica would hold a minority stake under the agreement, which is subject to regulatory approval.
Founded in 1985, Munder manages nearly $8 billion of domestic stock and bond investments, mostly for institutional clients. The Comerica units, Woodbridge Asset Management and World Asset Management, are investment advisers for $22 billion of assets.