Two months after its asset management arm touted bold plans for expansion, Countrywide Credit Industries Inc. said it is selling the unit, along with its mutual fund servicing and fund accounting businesses.

Countrywide Financial Services Inc. is being bought by Western and Southern Life Insurance Co. of Cincinnati. Terms of the deal, announced Aug. 27, were not disclosed. The unit comprises Countrywide Investments Inc., which has $1.3 billion of assets under management, Countrywide Fund Services, and CW Fund Distributors.

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