Fifth Third Bancorp (FITB) in Cincinnati has renamed its wealth management unit.
Firth Third Asset Management has become ClearArc, the Cincinnati Business Courier reported Tuesday. Fifth Third also plans to move the unit's main offices from the company's headquarters building to new space nearby, the report said. The relocation will take place next year, once the space is ready.
A Fifth Third spokeswoman could not immediately be reached for further details.
The company said the changes are part of an effort "to provide institutional clients with clear and transparent investment management services to help achieve their long-term investment goals," the Business Journal reported.
Fifth Third Asset Management has been narrowing its offerings to focus on institutional investors and very wealthy clients, sectors where it sees growth potential. The company sold the assets of 16 mutual funds to Touchstone Investments in Cincinnati, and sold about $5 billion in money market funds to Federated Investors (FII) last year. Later in the year, Fifth Third spun off other assets to its executives.
ClearArc now manages $6.5 billion and has 41 employees, according to the Business Journal.