CINNCINNATI - Fifth Third Bancorp. said Tuesday that it had completed its acquisition of Maxus Investment Group, a Cleveland-based money management firm.
The acquisition, announced in October, boosts Fifth Third's position as an asset manager in the Midwest, with $170 billion of assets under care and $23 billion under management. Terms of the transaction were not disclosed.
Fifth Third recently announced its intention to buy Old Kent Financial, a banking company headquartered in Grand Rapids, Mich., for $4.9 billion. That deal, which is expected to close during the second quarter, will further boost Fifth Third's presence as a custodian and asset manager. Once that deal closes, the bank would have some $190 billion of assets under care and $36 billion under management.