Munder Capital Management of Birmingham, Mich., announced Tuesday that it has completed the management-led buyout it announced in August.
John Adams, who became Munder's chief executive officer Tuesday, and other members of the management team partnered with the private-equity firm Crestview Partners LP to buy Comerica Inc.'s majority interest.
Grail Partners LLC advised Munder, and Capricorn Management also invested in the buyout. Munder's management and employees own a significant minority interest in the money manager.
Comerica, of Detroit, retained full ownership of World Asset Management, which had been Munder's quantitative and index-oriented investment management division.
Munder, which managed $27.1 billion of assets as of Sept. 30, will keep its name and stay in Birmingham. The company provides investment advisory services to a range of institutional clients, including corporate, charitable, public, Taft-Hartley, and insurance investors, as well as high-net-worth individuals. It offers equity and fixed-income products through mutual funds and separate accounts.
