Wealth management

In Brief: BB&T Unit to Buy Control of Asset Manager

Published February 17, 2005, 2:00 a.m. EST

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Updated February 16, 2005, 6:41 p.m. EST

1 Min Read

BB&T Asset Management said Wednesday that it is buying a 70% ownership interest in Sterling Capital Management in Charlotte, N.C.

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Sterling, which has more than $8 billion of assets under management, sells investment management services to institutional clients and high-net-worth individuals. It is to continue being led by its team of five managing directors, and the firm will keep its name, operating as an independently managed subsidiary of BB&T Asset Management.

The deal is expected to close in the second quarter. Its terms were not disclosed.

Sterling manages more than $2.7 billion of small- to mid-cap value equity portfolios and more than $5.3 billion of both taxable securities and tax-exempt municipal bond portfolios.

BB&T Corp. in Winston-Salem, N.C., is the parent of BB&T Asset Management in Raleigh, N.C. The asset management unit manages $16 billion of client assets.

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Wealth management

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