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Roughly two months after putting itself up for sale after its plan for raising fresh capital fell through, BancTrust Financial Group in Mobile, Ala., has found a buyer.
May 29
Trustmark Corporation (TRMK) in Jackson, Miss., announced Wednesday that it is selling eight mutual funds with roughly $903 million of assets to Federated Investors (FII) of Pittsburgh and its subsidiaries.
The eight funds, named the Performance Funds, are managed by Trustmark Investment Advisors, the asset management arm of the $9.8 billion-asset Trustmark. Four of the eight funds are equity funds, two are fixed-income funds and the other two are money market- funds. The money fund assets are the largest of the funds with a total of about $571 million of assets.
The companies did not disclose a deal price. The sale is expected to close next quarter.
For Federated, one of the nation's largest investment managers with $363 billion of assets under management, the deal would be its second announced acquisition of mutual funds from a regional bank this year; in April it said it would acquire $5 billion of
Christopher Donahue, its president and chief executive, said Federated remains "very interested" in acquiring additional mutual fund assets from banks.
